When searching for your next investment property, you must be aware of this as much as possible before entering the transaction. One final consideration any rental property owner finds is something that is unattractive or is priced too high and any surprises after the deal is executed. This serves as a wonderful illustration to catch any potential red flags in which case it might indicate future problems with the property by thoroughly checking certain things during the viewing. Here are the top 7 things you have to continually check before purchasing a Lake Oswego rental property.
- The age and condition of the property. This incorporates both basic details about the property’s past in addition to the structure of the property and its condition inside and out. Look for indicators of water damage, mold, cracks, or other structural problems that could end up becoming expensive for repair somewhere down the way. Have a professional inspection done to guarantee no underlying issues could turn around and bite you in the rear.
- The rental history of the property. If the property has been used as a rental in the past, ask about previous tenants and check rental records, if possible, to get a sense of how well-maintained the property has been. This can provide you with useful insight into possible matters with the property.
- The rental rates for similar properties in the area. Check out rental rates for other properties in the same neighborhood to see if the rental rate is competitive and in line with market rates. If not, this is possibly 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 carefully at the dimensions and layout of each room in the rental property. This might assist you in determining whether there might be complications with the poor flow or inadequate storage space, which might have a detrimental effect on your rental rates and tenant satisfaction over time.
- Elements that may need updating within the next five years. Give special attention to any elements of the rental property that may need updating soon, such as the roof, sprinkler system, water heater, air conditioner, appliances, and windows. This can aid in making larger renovations and maintenance costs 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. Also, check railings, door and window locks, and other possible safety issues. Keep in mind that it will be your responsibility as a Lake Oswego property manager to make any essential upgrades to ensure your renters have a safe place to live.
- The neighborhood and surrounding area. Take a good look around the rental property to get an idea of what living in that neighborhood would be like. Are there nearby schools or parks? Is there convenient access to shopping? Consider how these factors may impact rental rates and tenant satisfaction over time. Plus, be sure to ask the property owner about any potential noise issues or other concerns that may impact your rental property.
With the right information and a comprehensive inspection, you can be confident 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 Solutions. We work with investors like you to help locate, research, and manage quality rental properties in Lake Oswego and the surrounding areas. Contact us today to learn more about our great services!
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