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When you're looking to buy a home to live in you would leave no stone unturned on the inspection, right? The same should be said for a property that you're purchasing and planning to lease out to renters. There are many things that are visible and you might spot these in a quick walkthrough, but other things might not jump right out at you, but can cause trouble down the road.

You'll want to check to make sure you know when upgrades have been made, what those were, and if there was any damage done to the property. Has it been flooded before? Was their a fire at any time, even a small one? Are termites a problem? Check to make sure everything is intact and make sure that you hire a reputable person to do the final inspection. If you invest outside of your home town, it may not be reasonable for you to visit every property that you purchase, but it's a good practice. This will be someone's home, and if there's anything in it that could potentially cause them harm, you'll be the one held responsible in the end.

When you're looking at different markets to invest in for your next rental property, the level of humidity in the town or city is likely not on your checklist of things to look into, but this can affect the air quality in the property. Mold grows well in humid areas, so if you buy a property in a place that often is very humid, you'll want to take certain precautions to protect your home and your tenants' health as well. While not all mold is harmful to your health, if enough builds it can damage your property and several kinds do cause health issues. Catching it early is always key and you'll want to provide your tenants with tips on how to handle any kind of mold build up in the property. Checking the property when you buy it will be the first step. It may be wise to hire a professional to take a look, but this is where the thorough, detailed home inspection really does help. Mold tends to grow in places where it is dark, still, and wet. Ways to fight against build up may include opening a window while the shower is running or using a venting fan. Air flow will help keep it from building. Also make sure that your tenants understand that any water spills should be cleaned up quickly and thoroughly to prevent mold from spreading.

Check your property's information to see if there is a potential for lead paint anywhere on the property. If there is, you'll need to disclose this to the tenants before they move in. If you don't, you might find yourself not non-compliant with the law. Make sure you keep your property kept up and in safe condition so that your tenant may live happily and healthily there and that you may start the relationship off right.

POSTED August 28 2014 10:39 AM

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