Alabama is a culturally significant state with beautiful sites and sights. Its cost of living is low and its job market is thriving.
That's why it should come as no surprise that the average Alabama home is worth $228,102. And this figure is going up by 1.4% every year to boot!
Being an Alabama landlord can be lucrative, but you need to perform rental property inspections to get the highest possible ROI. Read on to learn some core benefits of inspections, including:
- Understanding property value
- Resolving problems
- Remaining compliant
1. Understand Property Value
Following a rental inspection checklist lets experts examine all facets of your space. They'll look into:
- The size of your building
- The unit's condition
- What amenities make your rental competitive
- Curb appeal and exterior property value
- Opportunities for profitable upgrades
This information lets property managers give you an accurate estimation of what your rental is worth. You can use this to better understand your property and your earning potential.
2. Resolve Safety Hazards
Property management experts can identify safety hazards and recommend rental property maintenance. Many of these may not be obvious like electrical issues and unseen fire hazards. Mold and mildew can also present a safety risk when left unchecked.
Rental property inspections proactively find these problems. You can deal with them before any incidents arise or accidents happen. This decreases the likelihood of legal issues you're liable for.
3. Check for Tenant Compliance in AL
Speaking of legal issues, a property valuation also serves as a tenant inspection.
You can take the opportunity to make sure that tenants are:
- Not vandalizing the space
- Adhering to lease terms
- Maintaining the property in the way you expect
- All authorized to live there (have no pets or new tenants that are unaccounted for in the lease)
This doesn't just help you protect your property. It also lets you retain good relationships with quality tenants.
4. Perform Lucrative Renovations
Huntsville inspectors can offer property management tips for a higher-value unit. They'll tell you:
- How to improve your floor plan
- What renovations will boost your curb appeal
- How to make your interior more appealing to renters
- Whether you can make more money by adding high-ROI amenities
- How your unit compares with others in your area
You'll learn some tips for future improvements. You'll also get insight into budgeting and how to make informed decisions about upgrades.
5. Legal Benefits of Rental Property Inspections
Expert rental property tips have several legal benefits. Minimizing hazards means tenants and guests are less likely to get injured. Simple updates may prevent premises liability risks.
Alabama also requires many landlords to get periodic safety inspections. You don't want to incur a fine when you could just call in an inspector.
Remember that you have the right of access in most scenarios. Even if people live in a unit, you can legally perform an inspection after informing them of the event.
Improve Property Management in Huntsville, Alabama
Now that you know all about Huntsville rental property inspections, it's time to start turning a profit. PMI North Alabama helps with:
- Calculating ROI
- Figuring out vacancy loss
- Placing tenants
- Drafting lease contracts
- Maximizing your earning potential
Get a free rental analysis to learn how much you can make from your specific unit!
