Why Routine Inspections are SO Important!

By Kristie-Lee Newnham

As a property owner, you know that maintaining your rental property is important, but did you know that regular inspections offer numerous benefits beyond just maintenance? Here are a few more reasons why routine inspections are crucial to preserving and improving your property's value.

Firstly, regular inspections allow property managers to identify and address minor problems before they escalate into significant issues, resulting in costly replacements. By conducting preventative maintenance, such as identifying blocked gutters, faulty appliances, or invasive tree roots, you can save time and money in the long run.

Secondly, routine inspections can provide valuable insights into how well your tenants care for the property. This information can be helpful if you want to increase your rental income by negotiating rent increases while retaining reliable tenants. When tenants feel respected, they are more likely to take better care of the property, maximising cash flow.

Additionally, regular inspections allow property managers to establish a rapport with tenants. When tenants feel comfortable with their property manager, they are more likely to share their future plans. By knowing when tenants plan to vacate the property, property managers can prepare and plan in advance, thereby reducing vacancy periods.

Thirdly, if you ever need to file an insurance claim, the assessor will require the last two inspection reports. If these reports do not provide sufficient information about the property's condition, your claim may not be successful. Therefore, having regular inspections can help ensure that you have the necessary documentation to support your claim.

Furthermore, regular inspections can provide valuable information on potential improvements that could enhance your property's appeal and value. When you need to refinance, the bank valuer will be impressed if your tenants present the property well, which can increase the property's overall value.

In summary, conducting regular and thorough inspections is crucial if you want to add value to your investment property. If you have any investment property-related questions, Xceed's experienced and award-winning property management team is here to help. Contact us today at hello@xceedre.com.au or 08 9207 2088