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Buying a rental property is exciting and a lot of things can go through your mind during the purchase process. While there are many details to take care of, making sure that a property does not have any type of hidden damage or problems that are not detected is crucial to getting a great investment. A home inspection is the best way to determine the condition of a Florida rental property before the closing is complete. No current statute requires the inspection of a rental property by a home inspector, but it is always a good practice to have any property inspected. You have a couple different options for home inspections before you make a rental property purchase.
Why Home Inspections are Necessary
Locating hidden damage is the most obvious reason and finding damage before you invest your money is important. Having to pay extra money to repair problems with mold, plumbing, electrical or structural issues is frustrating. If you are purchasing a rental property through a real estate agent, many times the agent will have already completed a home inspection before putting the home on the market. In this case, it is still helpful to have nuetral third party company to provide a home inspection to make sure the sale is not tailored in favor of the realtor. Companies that provide property management typically hire inspectors to search for interior or exterior damage on a regular basis.
If you skip a home inspection before or after purchase, it will be harder to know if a tenant that you rent to has caused any damage or not. Part of protecting your investment is making sure that any person or family that you rent to does not damage the property. If you have no property management company, you can hire independent inspectors at a reduced rate to inspect a property for visual and nonvisual damage. This can save you a lot of money and headaches over the course of ownership of a rental property.
Home Inspections and Landlord-Tenant Requirements
While there is no statute requiring a home inspection, there are minimum requirements that every property owner must follow to avoid legal action by tenants. Florida code enforcement officials often serve stiff penalties when you are a landlord and have noticeable damage inside or outside of your property. A routine home inspection every five to six weeks is a good idea to make sure there are no damages that could be a violation of Florida landlord statutes. An expert property management company often includes inspections and property surveliance in the annual cost of services.
It is always a good idea to inquire about home inspection services and landlord laws before making a decision to hire a property management company. Investing in rental properties takes some work and research on your part to help you avoid mistakes. Getting a thorough home inspection before and after you purchase a rental property can help you avoid the hassle of tenant legal disputes and high remodeling costs.