Owning a rental property can be an excellent source of income. Your level of involvement depends on how many properties and tenants you have, so, rental income can be a side-hustle or your career.
No matter what your goals are, in most cases, you will go through an inspection of your apartment building. When you do not know what to expect, this can be intimidating and overwhelming.
Here’s a brief overview of what to expect from your first inspection.
A safe place to live
When you look at a checklist for a building inspection, it can be challenging to know where to start processing the information. The lists are often incredibly detailed, and you may wonder how extensive the check will be.
As you prepare, remember that the goal of the inspection is to make sure the apartments in your building are a safe place for your tenants to live. While some inspectors will be more detail-oriented than others, they all have the goal of helping you provide safe accommodations.
Cost and frequency
Each city has its own requirements for inspection of apartment buildings. The frequency also depends on the type of apartment building you own. In Los Angeles, for example, you can expect an inspection every two to four years.
There may also be fees to cover the cost of apartment inspections. Your city may expect you to pay annually or only when it is time for an inspection.
Getting ready for inspection day
As you walk through each apartment in your building to prepare for inspection, keep an eye out for common red flags such as:
- Trip hazards
- Missing or broken locks on main entry doors
- Foundation or structure problems
- Lack of smoke detectors and other fire safety equipment
When you find out about an upcoming inspection, talk to the office of the inspector to find out what other items will be included.
