Buying a Uniondale rental property can be a great opportunity. But there is also the potential for significant financial losses if you aren’t careful. Before buying any rental property, it’s important to check specific aspects of the property, both inside and out. Carefully inspecting a potential investment property’s exterior is one of the best ways to spot hidden problems that could spell expensive repairs later on. By checking these eight specific things, you can rest assured that you have the information you need to make a good investment.
Finding problems while inspecting a roof is often easy to see, but you’d be surprised how often investors skip this step. In addition to noting what type of roof the property has (composite shingle, wood, tile, or flat roof), it’s important to get a close-up look at it. Test a few shingles and see if they are moving around. Monitor those spots where shingles are missing or seem worn, curled, or otherwise damaged. These are all big red flags that the roof is not completely strong.
As you drive up to the property, be sure to note your first impressions. How is the curb appeal? Is the yard and landscaping alluring and correctly kept? Some overgrown weeds or low-hanging tree limbs are a pretty easy fix. But if you notice whole trees or large areas of the lawn that are dead or diseased, that could require an expensive landscaping job to keep the area looking presentable.
Deck or Patio
Along with the yard, don’t forget to inspect exterior features like a deck or patio. Wooden decks are notorious for becoming a real safety hazard if they haven’t been properly maintained. Remember to test the planks and supports for signs of termites or wood rot, and measure the condition of the finish. For patios, look for signs that the concrete is starting to crumble or break. These are a clear indication that they may need to be replaced early.
Siding and/or Paint
No inspection is complete without detailed notes about the property’s siding and exterior paint. Depending on what kind of siding material you’re dealing with, repairs could be as simple as replacing a few pieces of vinyl siding or as involved as re-painting a stucco exterior.
If the property you wanted to acquire has wood anywhere on the home’s exterior, it’s important to check each area carefully. Along with wooden roof shingles and decks, some homes have wood clapboard siding, wooden trim around doors and windows, wood steps and railings, and more. Anytime wood is used on an exterior surface, there is the potential for wood rot – and not just in humid climates.
Drainage and Gutters
Another significant characteristic of a good investment property is how well it handles wet weather. Please take a deeper look at the condition of any gutters and downspouts, including the ground underneath them. If you notice signs of erosion or water damage to the foundation, those are both signs that the property does not have adequate drainage. The last thing you need is a rental property that floods every time it rains.
It is best to check the electrical system inside a potential investment property, but don’t forget to check the exterior electrical elements, too. If you encounter power lines running from a nearby pole to the house or attached to the home’s exterior, be sure to check them for damage. What is more, make sure that electrical lines are high enough off the ground to be out of reach, and that the meter box appears to be in good condition and functional.
If the house has an air conditioning unit, it would be great to have it checked as thoroughly as you can. Outside AC units are often prone to rust and dirt. If they haven’t been cleaned or maintained in a while, it will show. If the property doesn’t have AC and you want to add it, you need to include the cost of not only the unit but professional installation also.
When you have checked these eight things, it will be much easier to see if the property fits your standard for a good rental home.
Have you found the rental investment of your dreams, but are wondering how to manage it? Real Property Management Landmark is one of the most trusted and comprehensive rental property management companies in the area. Whether you already have a property or are just starting to plan your investment, feel free to reach out at 516-522-2859 or contact us online.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.