Did you know that of the 59,800 households in Bellevue, Washington, only 52.4% own their homes? The remaining 47.6% are renters.
One reason for Bellevue's high renter rate is its expensive home prices. For instance, in January 2022, the median price of homes sold in the city reached $1.6 million. Meanwhile, monthly rent is just a fraction of that cost, hence the popularity of rentals.
So, as a Bellevue landlord, you'd want your rental properties to be highly sought-after, too. One way to achieve this goal is through rental property inspections.
This guide details the importance of such assessments, so please read on.
Catch Potential Problems Before They Worsen
Improper electrical wiring and roof damage are among the most common problems in U.S. homes. Poor overall maintenance and plumbing, heating, and ventilation issues are also prevalent. The longer they remain unaddressed, the more severe a home can deteriorate.
Those problems can also make residential rental properties unsafe to occupy. For example, failed electrical systems can trigger structural fires. Indeed, electrical defects are behind over 50,000 U.S. home fires yearly.
A rental property inspection can catch such defects before they endanger anyone. You can then have these problems fixed immediately after their discovery.
Keep Rental Properties in Top Condition
With Bellevue real estate being among the priciest in the U.S., you want your property here to retain its value. This is even more crucial if you rent it out, as rental properties usually depreciate yearly.
However, your rental property's value can still increase if you take good care of it. This starts with routine inspections, which allow you to pinpoint what needs fixing.
If you're unsure how to do property inspections, a property management firm can help. They're experts in assessing and maintaining real estate in Bellevue, WA. So, you can rely on them to look for potential issues in your rental and fix them ASAP.
A local property management company can also help you stay on top of changes in housing laws. This can be very helpful if you only own property in Bellevue but don't live in the city.
Give Tenants a Safe Place to Live
It's your tenants every right to live in a safe environment. However, hidden problems in your Bellevue rental property can put them in harm's way. These include faulty electrical wires, molds, or pests, to name a few.
Inspections let you uncover those potential risks before it's too late. However, you must address all issues before they become severe safety hazards.
Proactive repairs and maintenance also show your tenants you prioritize their safety. This can then help you get those lease renewals from your best tenants.
Keep Tenants Safe With Rental Property Inspections
Inspections can make the difference between a safe and unsafe environment for tenants. They can also contribute to the overall appreciation or depreciation of your property.
Those should be good enough reasons never to skip necessary rental property inspections.
Are you ready to hand over the tasks of inspecting and maintaining your property to experts? Then, Brink Property Management can help! Contact us now to learn what we can do for your Bellevue rental property.