If you're planning on building a rental portfolio in Portland, Oregon, you're off to a great start. The state ranks number two among out-of-state moves, a notable increase from the previous year.
Among those moving to Portland, a higher quality of life also ranks high on the list. Thus, it's important to reflect this drive in your real estate portfolio.
Access to clean, safe, and upgraded housing is instrumental in increasing quality of life.
This process starts with thorough rental property inspections.
Here are a few key items to add to your checklist.
Prioritize Your Inspection Checklist
A rule of thumb is to identify areas with the highest health and safety risks.
These checkpoints include:
- Your HVAC system and furnace
- Home electrical wiring
- Loose floorboards
- Plumbing systems
- Kitchen appliances
- Bathroom features (shower and tub safety)
Roofing is another priority item. If your roof is nearing 15 years old, it's due for an inspection. Old roofing is susceptible to water damage, molding, and pest infestations.
When inspecting your roof, check the insulation for any pests and old material. Insulation is also crucial for a functioning HVAC system. Roofing insulation prevents heat loss during winter and cool air leaks during summer; you'll want to replace this as soon as possible to prevent a rise in tenants' energy bills.
Exterior Rental Property Inspections
There are more high-priority exterior elements to add to your checklist.
Roofing and siding go hand-in-hand. Roofers typically offer siding replacement services, as well. Siding improves the facade of your home while keeping out pests; it's also necessary for weatherproofing.
Next, inspect your yard for any dead or diseased trees. These types of trees are a serious safety hazard and run the risk of toppling during wind and rainstorms. Thus, your tenants could damage their cars or sustain injuries, resulting in liability issues.
You should also remove any trees growing into powerlines or too close to windows.
This is the perfect time to draw up a curb appeal checklist. You can cross hazardous trees off the list while including new landscaping, driveway repairs, cracked sidewalks, and front door replacements to the list. You'll need picture-perfect curb appeal for those real estate listings.
Kitchen and Bathroom Inspections
New kitchen and bathroom features are on the top of every renter's list. You're more likely to attract your ideal tenant with brand-new tiled floors, granite counters, new shower doors, toilet installs, and the latest refrigerators.
Kitchen and bathroom remodels can help you command a higher rental price, improving your ROI. First, you'll need a rental analysis from PMI Bridgetown to see where your property value stands; you should also check surrounding property values to understand appreciation rates.
Look at the amenities of surrounding homes, as well, to get a clearer picture of what tenants are looking for in a home. Even adding an extra bedroom can go a long way.
While inspecting the kitchen, ensure all wiring is correctly installed. You don't want your tenants to blow out a fuse when several appliances are running.
Master Your Home Inspections
Conducting strict rental property inspections ensures you're complying with all safety codes, as well. Keep this post close by as you create your checklist.
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