Many landlords avoid carrying out a rental property survey before making properties available to tenants. In the buying market, arranging a property survey is essential for determining the condition of a building and ascertaining its true value.
However, it can be just as useful for landlords looking to market rental properties. Once a survey has been completed, you’ll have a clear idea of how much you can reasonably charge rental tenants.
Furthermore, a survey will flag any significant structural issues or defects that may require attention. If left unchecked, such issues can render your property uninhabitable. This can lead to your property lying vacant as repairs are carried out. In a worst-case scenario, you may also find yourself in breach of landlord obligations.
What is a Property Survey?
Property surveys are sometimes referred to as structural surveys. In the buying market, they’re also commonly called pre-purchase surveys. In short, a property survey involves a meticulous inspection that outlines the overall condition of a house or apartment.
Would-be buyers regularly use them to get an idea of future maintenance costs and structural issues. However, they’re also useful for landlords who want to establish how much their property can fetch on the rental market. For landlords who’ve recently added to their portfolio, property surveys are a must.
What Does a Property Survey Cover?
A typical rental property survey will consider just about every aspect of a property. This includes any exteriors that fall within property boundaries. Surveyors will inspect things like groundwork and drainage. Surveyors may also flag things like flooding risks, as well as any problematic plants growing on the grounds of the property itself.
The facade of a building also falls within the scope of a property survey. Surveyors will inspect building exteriors to determine how well the structure itself is holding up. This part of the survey will look for things like erosion of outside walls, as well as cracks that are likely to worsen over time. An exterior inspection will also focus on things like doors and windows. The condition of roofing materials and drainage is another critical part of a property survey.
Once exteriors have been inspected, there’s a substantial interior checklist to get through. This part of the survey includes the inspection of interior walls and surfaces. Structural issues will be flagged here, as well as any evidence of dampness. Surveyors will also check ventilation systems and duct work for mould growth.
Electrical systems are also thoroughly inspected. This includes checks of fuse boards, electrical wiring, and light fixtures. Certain parts of the home, such as the bathroom, will require a sealed light fixture if you’re looking to rent the property.
A property survey also covers plumbing, saving landlords the need to arrange a separate inspection. Plumbing fixtures and exposed pipework will be investigated for signs of corrosion. Should the survey identify anything, make sure you resolve the issue as soon as possible to prevent costly leaks from occurring down the line.
Why You Should Invest in a Rental Property Survey
Still wary of shelling out for a rental property survey? Below are just a few reasons why every landlord should see property surveys as a priority, not just a luxury.
A rental property survey gives landlords peace of mind that their tenants have a safe and comfortable place to call their own. Ventilation checks ensure asthma sufferers and high-risk individuals aren’t exposed to dangerous mold growth. Meanwhile, electrical checks will mitigate fire hazards and ensure safety alarms aren’t compromised.
Combat Leaks and Costly Plumbing Repairs
There’s nothing worse than a burst pipe or broken boiler. As a landlord, you should be committing to boiler and plumbing inspections annually. However, a rental property survey will shine a light on any major issues before they become a problem. Should a major pipe burst while your property is occupied, your tenants will be massively inconvenienced. Furthermore, the cost of carrying out repairs and temporarily rehousing your tenants will send your insurance premiums soaring.
Determine Rental Value
Here’s an obvious reason to invest in a rental property survey. Once a survey has been carried out, you’ll have a good guideline of the rental potential of your property. Furthermore, should you carry out improvements based on survey recommendations, you can command a higher rent.
It’s Always Good to Know the Resale Value of a Property
You’re probably looking to rent your property for many years. However, a property survey will give you a good idea of how much your investment will fetch on the buying market.
Discover More About Property Surveys
Looking to get your property on the rental market and paired with tenants as quickly as possible? Speak to the team at MTS today. Our experienced team of estate agents can guide you on what to consider when arranging a property survey on a rental property. Once your survey has been completed, we can help you find the perfect tenants in no time.
Ready to see how MTS can support you? Whether you’re looking for advice on structural surveys or seeking property maintenance solutions, we’re here to help. Call the team today on 014959020 or drop us a message via the online contact form.