If you own one of the twenty million rental properties in the United States you likely view your real estate as an investment. While the rental income from tenants is your bread and butter, it comes with a trade-off.
Some problem tenants can cause serious damage to your property before they leave. That's why it's important to engage in regular rental property inspections. But exactly how often should you be performing these inspections?
And are there any Colorado laws that dictate how you go about these inspections? In this guide, we'll answer these questions so you can catch potential tenant problems early on.
Why Are Landlord Inspections Important?
All too often, landlords only inspect their units before and after the tenants move in. However, a lot can happen during this time. If you have a problem tenant, they can do some serious damage to your unit during their lease.
In some cases, they can do so much damage that not even their security deposit covers it. By arranging for inspections, you can ensure that all of your expectations surrounding the property as a landlord are being followed.
A rental property inspection checklist can help you stay organized during this process. This is a good time to ask your tenant if there are any problems on the property that need to be fixed.
It can also be used as an opportunity to find tenants who you want to renew their lease. If the tenant is taking good care of the unit, you should do everything you can to stick with them.
How Often Can You Do Rental Property Inspections?
In Colorado, there isn't a specific limit to how many rental property inspections you can perform. However, there are rental property inspection laws in place stating you must inform the tenant of your inspection beforehand.
Specifically, the law states that you must follow the rental property timeline of giving them forty-eight hours of notice before the inspection. However, just because you can perform an inspection every week doesn't mean you should.
Generally, we recommend quarterly or bi-annual inspections, depending on the type of tenant you have. That way, you can get updates on the property without being invasive.
How a Property Management Company Can Help You
A property management company can help you by taking over the responsibilities of rental property inspections. Here at PMI Coal Creek, not only do we handle the inspection, but we'll also provide any maintenance services that might be required.
That way, you can either focus on your life or other aspects of your landlord duties associated with investment properties.
Tired of Inspections? Contact PMI Coal Creek
We hope this guide helped you learn more about rental property inspections. Here at PMI Coal Creek, we know what a pain it can be to perform these inspections on your Boulder property.
Not only do they waste your valuable time, but they can sometimes put a strain on your tenant relationships. That's why here at PMI Coal Creek we handle all of the negative aspects of being a landlord.
Whether that's inspection, or marketing and rent collection, we take the responsibilities off your plate. So if you want to learn more about how we can help you, contact us today.