During a search for your next investment property, it is critical to know as much as possible before entering into the transaction. The very last thing any rental property owner needs is to find something unpleasant or costly surprises after the deal is executed. Undoubtedly one of the best ways to catch any potential red flags that could imply future problems with the property is to thoroughly check certain things during the viewing. Here are the top 7 things you should always double-check before choosing to buy a Las Vegas rental property.
- The age and condition of the property. This consists of both basic details about the property’s past as well as the structure of the property and its condition inside and out. Look for indications of water damage, mold, cracks, or other structural topics that could be expensive to repair over time. Have a professional inspection completed to make certain no underlying issues might return to haunt you.
- The rental history of the property. If the property has been used as a rental back then, ask about previous tenants and check rental records, if possible, to get a sense of how well-maintained the property has been. This can tell you significant insight into future complications with the property.
- The rental rates for similar properties in the area. Look at rental rates for other properties in the same neighborhood to see if the rental rate is competitive and in line with market rates. If this is not the case, this could be a warning that the rental property owner is trying to get more for the rental than it’s worth.
- The shape and size of each room. Look meticulously at the dimensions and layout of each room in the rental property. This can help you evaluate whether there may be any matters with the poor flow or inadequate storage space, which could adversely influence your rental rates and tenant satisfaction over time.
- Elements that may need updating within the next five years. Give particular attention to any elements of the rental property that may need updating in the near future, such as the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This can help you plan for larger renovations and maintenance costs further down the road.
- Any prospective safety concerns. Always check for smoke and CO detectors, poor lighting, wiring issues, leaking pipes or faucets, and wobbly toilets, all of which can be serious safety hazards for future renters. Likewise, check railings, door and window locks, and other possible safety problems. Keep in mind that it will be your responsibility as a Las Vegas property manager to make any crucial upgrades to guarantee your renters have a safe place to live.
- The neighborhood and surrounding area. Have a close look around the rental property to get a picture of what living in that neighborhood would be like. Are there neighboring schools or parks? Is there convenient access to shopping? Consider how these factors may impact rental rates and tenant satisfaction over time. Plus, don’t forget to ask the property owner about any impending noise issues or other concerns that may impact your rental property.
With the right information and a comprehensive inspection, you can be assured that your rental investment is smart.
One of the easiest ways to gather information about a potential rental property is to ask the experts at Real Property Management Peace. We work with investors like you to help locate, research, and manage quality rental properties in Las Vegas and the surrounding areas. Contact us today to learn more about our great services!
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