I’m planning to convert my primary residence to a rental property. I’m wondering if I should do a one time full blown home inspection (similar to one during buy/sell) and fix everything prior to renting out. I did it while I was buying the property but that was 3 years ago.
Of course I don’t want to spend too much here but I also want to make sure I cover major issues, create a checklist of what’s done and avoid any liabilities for negligence. Thoughts on the right approach here? Any checklist on mandatory ones? ( radon testing? )
Mostly looking for an one time thing before renting it out the first time. In addition, a checklist for periodic inspections between tenants would also be great.
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
6y
@Ryan Bird you do not need a formal inspection for the tenant, but it can be helpful for you if you don't know what to look for. Fix problems as long as they are still small. But in this case you can just hire a contractor or even ask a friend for help. You know your property well and if there are any problems.
We do an annual inspection in fall to make sure the property is ready for winter. We also do preventative maintenance, make sure gutters are clear, downspout extensions are on propperly, check the roof and flashings, HVAC (filters!) etc
I recommend you go to the book section on BP and order the Book on Property Management!
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
6y
@Ryan Bird you do not need a formal inspection for the tenant, but it can be helpful for you if you don't know what to look for. Fix problems as long as they are still small. But in this case you can just hire a contractor or even ask a friend for help. You know your property well and if there are any problems.
We do an annual inspection in fall to make sure the property is ready for winter. We also do preventative maintenance, make sure gutters are clear, downspout extensions are on propperly, check the roof and flashings, HVAC (filters!) etc
I recommend you go to the book section on BP and order the Book on Property Management!
Investor · Cincinnati, OH · Member since 2014 · 538 posts · 432 votes
6y
@Ryan Bird If you did a full blown inspection just 3 years ago, then there shouldn't be anything major left to do (unless you lived it in like a wild animal LOL). Like @Marcus Auerbach said, do a review on HVAC and roof, gutters, double check plumbing/drainage, and make sure filters, light bulbs, and smoke detector batteries are all in good working order.
Do a walk-through of the property as if you were someone looking for a place to rent with a hypercritical eye. You can grab basic move-in checklists from just about anywhere, and I'm sure there are probably a million of them across the internet, available for free. We always do a final QC walk-through BEFORE we allow any prospective tenants inside, then we do a walk-through with the tenant when we hand over the keys to notate anything pre-existing, such as damaged casings, frames, etc that weren't in need of replacement.
Some things to consider when turning your property into a rental: Do you have blinds on the windows? What appliances are you providing? Are tenants going to be responsible for all utilities? When was the last time you had the ducts cleaned out?
Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
6y
In OR, so may not apply. Home inspectors are not that expensive and if you really don't know where you're at with the property, I'd think I'd hire one. Unless you've got something unusual <$500.
I'd be looking for stuff like:
1) Major CapEx - Life of roofs and siding and paving and plumbing
2) Moisture invasion ANYWHERE since this gets more expensive the longer you wait
3) Making sure stuff (like remodels and wiring) is up to code. Doing unpermitted work can open a big can of worms if you ever need to sell (disclosure to buyers) or an insurance claim
4) Most inspectors will give an estimated life so you can budget for different things like roofs in the future.
5) Foundation issues (or anything major like plumbing replacement) a LOT easier to fix without a tenant inside.
Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
6y
Ryan,
A couple of things from an insurance perspective:
1. you will most likely have to change the existing homeowners to a dwelling fire policy when you move out. Check with your agent for quotes and also check with a independent agent that represents a lot of companies. Dwelling Fire rates can vary and the best company for your homeowners may not write Dwelling fire or may not be competitive.
2. check with agents to see if you need a lead safe certificate. Many companies are requiring it now. If you are considering an inspection you can see what the additional cost of the Lead Safe certification if they offer it.