Resaons For Property Condition Report

In property investments, there are two basic ways to benefit from a property. You can buy a property at a low price, make some improvements and flip and sell it at a higher margin, or you can rent the property out.
The second option is a popular route taken by many seasoned and new property investors as this allows them to have a steady flow of income. However, this does not come without its set of responsibilities and problems.
As a landlord, you have to be particularly mindful of several things to get good returns out of your investments for a long period of time. One of these important factors to consider is the Property Condition Report or PCR.
A PCR details the exact condition and contents of every room in a property that is rented out. Anything that is either broken or in poor condition should be identified. Once the report has been completed, both the landlord and the tenant should sign the document.
As a landlord, why should you even bother with a PCR?
Apart from saving you both time and money, a PCR is your best protection against disputes with tenants who are moving out of your property. You would want your former tenants to leave your property in the same condition it was in before they moved in. However, this is not always the case as some tenants can decide to make modifications to the property without your permission or they can simply damage the property due to their carelessness. Without a PCR, you cannot make a claim from your previous tenant. On top of that, you may have to pay for the damages they caused before you can have another tenant move in to your property.
The completion of a PCR requires both time and patience. Rather than giving a cursory look at the property, the one preparing the report should carefully examine the premises. A good PCR will contain the condition and colour of the walls and carpets, a detailed description of windows, coverings and fittings, the detailed condition of appliances and other inclusions plus photographs.
Fortunately, you do not have to do all the hard work. There are reputable independent companies which specialise in this service, allowing you to protect your assets without requiring you to invest a great deal of your own time, money or effort. Overall, getting a PCR is a very smart move. Check out more about this here.

Visit this site [http://www.assetfocus.com.au/landlords/] to know more about property and rental inspection.

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