Any building is only as good as its foundation. This is true for buildings of any size, from large multi-family apartment complexes down to pre-built tiny homes, and everything in between. In the rental market, the safety of rental properties is always on the minds of landlords, property managers, and tenants alike. A poorly maintained foundation can lead to structural damage, water leaks, or even condemnation of the entire property. In this post, we’ll go over the importance of routine foundation inspections to keep buildings in good shape and occupants safe.
Ensuring Structural Integrity
The main reason property managers conduct routine foundation inspections is to make sure the structural integrity of the property is maintained. Over time, foundations can settle into the ground below, causing them to become unlevel and cracked. On top of settling, natural elements can also compromise a foundation, from thick tree roots penetrating it to water pooling around or underneath it. Regular inspections help identify issues that can lead to structural damage before they escalate, significantly reducing the risk and cost associated with repair.
Preventing Water Damage
Water damage is a common cause of foundation problems. Even the most well-laid foundation can fall victim to standing or poorly-routed flowing water, causing the foundation itself to crack and disintegrate, mold and mildew growth, and other serious problems that can affect the health and safety of tenants. This is an even bigger problem here in Florida, where humid weather conditions paired with a high water table make water damage a prevalent issue. Routine foundation inspections can identify areas of water damage early, allowing property managers to take action before more damage is caused. Some companies even offer foundation waterproofing services for properties in high-risk areas.
Maintaining Property Value
The foundation is a critical element when determining a property’s value, and thus keeping it in good condition is vital to maintaining that property’s value. While tenants may not scrutinize the foundation’s condition so much, if the property owner ever did want to sell it, potential buyers will surely be looking for any reason possible to shave a couple thousand or more off the sale price. Foundation problems can significantly affect the property’s marketability, leaving it at a disadvantage against other better-maintained properties in the area. By inspecting and maintaining the foundation regularly, you are protecting the investment in the property and ensuring that it can become a liquid asset for you when the time is right.
Reducing Long-Term Costs
Routine foundation inspections and maintenance are nickels and dimes compared to the cost of repairing a neglected foundation. Foundation repairs can often require the entire property to be lifted up or slightly moved, an endeavor that requires significant manpower and expense, not to mention the very real risk of destroying the property if something goes wrong. Additionally, all the time that is spent repairing the foundation is usually time that the property must stay vacant with no rental income, further adding to the long-term expense.
Compliance and Liability
Some property insurance companies require routine foundation inspections as a term of their coverage, and may even send their own inspectors out to do the job if they suspect there are issues. If they find some problem with the foundation due to occupant or owner neglect, the insurance company may refuse to cover the cost, or even worse, drop the property’s coverage altogether. Good luck finding another company that will be willing to insure a property with a known faulty foundation.
Structural Safety is a Priority at Douglas Realty Property Management
A property’s foundation is a critical component to its value, safety, and rentability. Without a well-maintained, safe foundation, a rental property becomes nothing more than a liability for everyone involved. If you have rental properties and want to keep them in their best shape possible without having to manage the day-to-day operations yourself, hiring an experienced property management company is your best bet. In southwest Florida, Douglas Realty Property Management is the best choice for high-quality property management services that always prioritize keeping your property safe and liveable. To find out more about our inspections and maintenance process, give us a call at 239-542-6906 or send us a message online.
