7 Things You Must Check Before Buying a Clinton Township Rental Property

When going in search of your next investment property, it’s significant to know as much as possible going into the transaction. The last thing any rental property owner needs is to see unwanted or pricy surprises after the deal is executed. One of the effective ways to catch any potential red flags that could mean future issues with the property is to thoroughly check particular things during the viewing. Here are the top 7 things you should constantly verify before purchasing a Clinton Township rental property.

1. The age and condition of the property. This includes both basic details about the property’s past, and moreover, the structure of the property and its condition inside and out. Search for signs of water damage, mold, cracks, or other structural concerns that could be pricy to repair down the line. Have a professional inspection accomplished to be certain no underlying issues could return to haunt you.
2. The rental history of the property. If the property has been serviced as a rental in the past, ask as regards previous tenants and check rental records, as much as possible, to get a feeling of how well-maintained the property has been. This can give you helpful insight into probable troubles with the property.
3. The rental rates for similar properties in the area. Take note of rental rates for other properties in the same neighborhood to detect if the rental rate is competitive and in accordance with market rates. If not, this could be a clue that the rental property owner is trying to get more for the rental than it’s worth.
4. The shape and size of each room. Look cautiously at the dimensions and layout of each room in the rental property. This can aid you to check whether there may be any concerns with the poor flow or inadequate storage space, which could adversely impact your rental rates and tenant satisfaction after a while.
5. Aspects may require updating within the next five years. Render special care and attention to any attributes of the rental property that may need to have updating eventually, namely, the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This can help you plan for bigger renovations and maintenance costs thereafter.
6. Any possible safety concerns. Regularly check for smoke and CO detectors, poor lighting, wiring issues, leaking pipes or faucets, and wobbly toilets, all of which can be grave safety hazards for future renters. Moreover, check railings, door and window locks, and other potential safety complexities. Bear in mind that it will be your responsibility as a Clinton Township property manager to make any relevant upgrades to ensure your renters have a safe place to stay.
7. The neighborhood and surrounding area. Watch closely around the rental property to get a clear idea of what living in that neighborhood would be like. Are there nearby schools or parks? Is there convenient access to shopping? Think of how these elements may impact rental rates and tenant satisfaction over some time. In addition, make it a point to ask the property owner about any possible noise issues or other problems that may impact your rental property.

With the correct information and a detailed inspection, you can be confident that your rental investment is smart.

 

One of the simplest practices to get information about a potential rental property is to ask the experts at Real Property Management Main. We join up and work together with investors like you to aid locate, research, and manage prime rental properties in Clinton Township and the surrounding areas. Contact us today to learn more about our very good services!