Can A House Inspection Really Affect Rental Value?
The sad truth is that most homeowners and realtors under-estimate the value that a house inspection brings before a property goes onto the market for rent.
The house inspection that occurs prior to being listed on the market is often called a ‘pre-listing’ or ‘Fit2List’ house inspection and they are usually organized by the current owner/seller of the property.
Even though a potential tenant may organize to have his/her own house inspection carried out, carrying out your own house inspection will bring value to you, as the owner too.
For example, it…
· Allows you repair/renovate anything that might negatively affect your rental asking price
· Decreases the likelihood of unwanted surprises that could slow down the signing of the contract
· Gives you a confidence boost regarding your knowledge of the condition of the property
· Prevents you from facing any legal action taken against you because you gave full disclosure at the time of signing.
So, as you can see, if you inspect real estate as the owner, you will receive a lot of great benefits too.
So How Can a Rental Inspection Affect Your Rental Value?
If you don’t take the time to carry out a rental inspection prior to putting your property up on the market, you can face a world of trouble.
· Your potential tenants will be far more likely to heavily negotiate the asking rental price with you, thus decreasing your rental value
· If you fix any issues with your property that you found during your rental inspection, you can increase your rental asking price by quite a bit and decrease the amount of time it was up on the market.
So How can You Inspect Real Estate?
Prior to putting your rental property up on the market, in order to inspect real estate, you can a) hire a professional inspection manager to inspect real estate for you, or b) act as your own inspection manager with the help of a tool like MPPA-Lite.
MPPA-Lite is a helpful App that you can have on your device that allows you to keep track of the condition of your property, thus letting to act as your own inspection manager. You can inspect real estate properties and jot down your findings of the internal and external features of the property via photos and comments, making it the perfect on-the-go tool at your disposal!
In addition, it is a lot more cost-effective than hiring a professional inspection manager to carry out a rental inspection i.e. the MPPA-Lite App only requires a one off payment of $29.99 compared to a professional inspection manager who requires a payment of up to $1,600 every time they inspect your property.
For more information on the MPPA-Lite App, go here.