In recent times, Memphis has become a popular place to invest in rental property. The hometown of the first hotel chain and the first self-service grocery store in the world is exceptionally business-friendly. Located on the Mississippi River and offering some great BBQ, the real estate investors have a lot to see and do when visiting their property. As for more, Memphis is rated as one of the 10 cheapest cities to live in the US. Whether you’re planning to make an out-of-state investment, purchase your very own condo locally, or rent one, read on. Your professional movers Memphis TN have a short and sharp account of what to remember when inspecting a condo in Memphis.
A must remember when inspecting a condo in Memphis for buyers
The first thing to remember when inspecting a condo in Memphis is the Homeowners Association or HOA. Your residential movers Memphis TN recommend doing thorough research, and clarify what exactly its responsibility is. In brief, HOA’s main function is to inspect the exterior of the building, that your unit is in. You’ll be billed a one-time charge for a specific assessment, that includes the needed building maintenance. However, there is a catch here. If there’s a backlog of upkeep, the assessment can be costly, and even run up to a certain percentage of the value of the condo. So, the first thing to remember when examining a condo is to do a thorough check on the condition of the building, not the interior of the unit. When buying a condo, your greatest risk is related to this, so make sure it’s a good investment, before signing the papers.
What to remember when inspecting a condo in Memphis for renters, and buyers
Professional Tennessee long distance moving companies have noticed an influx of relocations to Memphis, especially among millennials. This is another plus for the local rental market. It’s clear that investors have a big responsibility to ensure they make a good decision when purchasing a condo. Yet, if you’re renting one, you also need to ensure that the place is fit before you move in. Here are a few noteworthy things to look out for, when giving the condo a once-over in person:
- Cabinet and drawers
- Windows, walls, and ceiling
- Electrical systems
Cabinets and drawers
If you move frequently, you certainly understand the importance of this point. Crooked cabinet doors due to broken hinges and distorted drawers are those little daily annoyances that can easily get to you. So, if you plan your relocation to a new place with the help of a moving company, remember to check if the furniture is level. You shouldn’t have to deal with fixing stuff in a condo that you’ve just moved into. Ask the landlord if they can fix it before you move in.
Windows, walls, and ceilings
These can tell you a lot about the general condition of the building. Look out for spots on the walls or windows, as this can indicate the presence of mold. We all know how this can affect the overall health, so it’s the last thing you’d like to deal with when renting or buying a condo. Further, cracks in the walls or ceilings can point to issues with the foundation of the building. Regardless of whether this may or may not affect you in the future, it’s always best to be aware of problems that may arise. This is especially important to remember when inspecting a condo in Memphis for the purposes of purchasing it. Consider how will this condition of the property impact you financially in the long run.
Electrical systems and major appliances
The malfunctioning of major appliances that you’ll need to use daily is not only a question of comfort but safety and security as well. So, make it a priority to test these, and ensure they are functional and safe before you move in. When you dig into buying a condo, you might want to consider bringing in an inspector to do a check-up on the electrical systems. They can ensure that the condo’s heating and cooling are up to standard and that the wiring systems don’t pose any fire hazards.
In summary, these are the most useful tips to remember when inspecting a condo in Memphis. Take a note of them, and you’ll cover the most important areas of concern. With that, you’ll be able to purchase or move into your new condo, without any hassles popping up down the road. Good luck.
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