Maintenance can be one of the most frustrating things to deal with as a property owner. Oftentimes, it can be unexpected, and it can leave you with a big bill.
This is why it is recommended that you set aside at least 1% of your property's value per year to put towards maintenance.
Property inspections are part of this routine maintenance and it can end up benefiting you long term. Why is this? Here are some of the biggest reasons.
Catching Property Damage Early
One of the biggest reasons why you should have routine property inspections is that by doing this, you have a better chance of catching property damage early.
For example, you can ask a roofing contractor to come to your building and take a look at your roof. They can end up discovering a small hole that is causing a minor leak in your building.
In that situation, they could end up fixing it before the leak has a chance to spread to the rest of your building.
These types of leaks can cause serious damage and cost thousands of dollars to repair that damage. Having a property inspection done early enough allows you to fix that damage before it has a chance to become a major problem.
Another reason that you should do routine property inspections is to make sure that your building stays legally compliant. Most areas have building codes and fire codes that they need to adhere to.
It can include things that require immediate repairs, emergency exits, preventing fire hazards from developing, and more.
Building compliance is your responsibility. However, it is possible to get help with this by hiring professionals to do routine inspections.
Protecting Your Investment
Going back to the above reasons, having routine property inspections allows you to protect your investment. Doing this regularly can even prevent you from a possible lawsuit at times.
Let's say that your building was not legally compliant and technically should not have people living in it. If that came out later and there was an incident in your building, that could lead to a major lawsuit which could result in you being bankrupt.
On top of this, it protects your investment because if you address problems before they turn into bigger problems, it causes less inconvenience to your tenants. They would not be forced to move out or live around construction on a daily basis.
Conduct Routine Property Inspections
These are some of the biggest reasons why you need to conduct routine property inspections. Doing this helps your building avoid larger maintenance nightmares.
On top of this, it allows your building to remain legally compliant, thus avoiding a lawsuit. All of this helps protect your real estate investment and helps you avoid losing more money from these issues.
Do you want to find out more about this? Speak to our property managers today.