7 Things You Must Check Before Buying a Ringgold Rental Property

When seeking your next investment property, it’s crucial to know as much as possible having to do with the transaction. The last thing any rental property owner needs is to discover undesirable or pricey surprises after the deal is executed. One of the easiest and most effective ways to catch any potential red flags that could suggest future challenges with the property is to thoroughly check certain things during the viewing. Here are the top 7 things you should always check before purchasing a Ringgold rental property.

1. The age and condition of the property. This comprises both basic details about the property’s past as well as the structure of the property and its condition inside and out. Look for hints of water damage, mold, cracks, or other structural problems that could be expensive to repair in the future. Have a professional inspection completed to ensure no underlying issues may come back to bite you.
2. The rental history of the property. If the property has been utilized 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 vital insight into prospective matters with the property.
3. 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 not, this could be a warning indication that the rental property owner is trying to get more for the rental than it’s worth.
4. 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 are any problems with poor flow or inadequate storage space, it could have a strong influence on your rental rates and tenant satisfaction over time.
5. Elements that may need updating within the next five years. Pay close 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 down the road.
6. Any potential safety concerns. Always check for smoke and CO detectors, poor lighting, wiring issues, leaking pipes or faucets, and wobbly toilets, all of which can have major safety hazards for future renters. Additionally, check railings, door and window locks, and other possible safety issues. Keep in mind that it will be your responsibility as a Ringgold property manager to make any essential upgrades to ensure your renters have a safe place to live.
7. 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 impending noise issues or other concerns that may impact your rental property.

With the right information and a thorough inspection, you can be sure 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 Ascension. We work with investors like you to help locate, research, and manage quality rental properties in Ringgold and the surrounding areas. Contact us today to learn more about our great services!

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