When purchasing your next investment property, it’s essential to know as much as possible before going into the transaction. The last thing any rental property owner desires is to find unwanted or costly surprises after the deal is executed. One of the ideal approaches to catch any potential red flags that could specify future troubles with the property is to thoroughly check certain things during the viewing. Here are the top 7 things you should consider when acquiring a Fort Worth rental property.
- The age and condition of the property. This covers both basic details about the property’s past along with the structure of the property and its condition inside and out. Inspect for indications of water damage, mold, cracks, or other structural damages that could be expensive to repair in the future. Obtain a professional inspection to ensure that no underlying issues will return to bother you.
- The rental history of the property. If the property has been used as a rental previously, inquire about previous tenants and check rental records, if appropriate, to get a picture of how well-maintained the property has been. This can provide significant insight into future property difficulties
- The rental rates for similar properties in the area. Look at rental rates for other properties in the same neighborhood to see if the rental rate is competitive and in line with market rates. If not, this could be a sign that the rental property owner is trying to get more for the rental than it’s worth.
- The shape and size of every room. Examine the dimensions and layout of each room in the rental property cautiously. This can help you assess whether there may be problems with poor flow or inadequate storage space, which could negatively affect your rental rates and tenant satisfaction over time.
- Elements that may require updating within the next five years. Pay particular attention to any elements of the rental property that may require updating in the coming years, like the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This might assist you in preparing for bigger future renovations and maintenance costs.
- Any potential safety concerns. Always check for smoke and CO detectors, poor lighting, wiring issues, leaking pipes or faucets, and wobbly toilets are all severe safety hazards for future renters. Plus, check railings, door and window locks, and other possible safety matters. Be aware that it will be your responsibility as a Fort Worth property manager to carry out any necessary upgrades to ensure your renters have a safe place to stay.
- The neighborhood and surrounding area. Take a good look around the rental property to get a sense of what living in that neighborhood would be like. Are there schools or parks near the area? Is there convenient access to shopping? Consider the long-term effects of these factors on rental rates and tenant satisfaction. In addition, be sure to ask the property owner about any potential noise issues or other concerns that may impact your rental property.
With the proper information and a comprehensive inspection, you can be certain that your rental investment is secure.
One of the best methods to acquire information about a potential rental property is to ask the experts at Real Property Management MidTown. We work with investors like you to help locate, research, and manage quality rental properties in Fort Worth and the surrounding areas. Contact us today to learn more about our great services!
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