When you are putting your apartment up for rent, you must make sure that it is FHA approved. Now the appraisal can be a very simple process with the appraiser crossing the T’s and dotting the I’s, or it can be a long drawn out struggle. So the best thing that any owner of Birmingham AL apartments can do is to be proactive about it and make sure that the only thing an appraiser is going to be doing is moving from one checkbox to the next ticking his way through. Detailed here are some important aspects of an apartment that are likely to be missed but may become a significant problem once the appraiser arrives.
Getting the repairs done before the appraiser arrives is even more important ever since appraisers were stripped of the power to call for certain repairs to be made to the apartment. The procedure in place nowadays is that the appraiser will not be able to ask for repairs to be carried out but will have to report to the underwriter who may ask for another inspection or call for repairs.
Although there are many new apartment complexes, many buildings are quite old and may have paint that is of the pre-1978 era. This has been deemed as a health hazard, and if the appraiser finds it to be peeling off, he will report it, and the owner may have to get it stripped and disposed of. The best way forward is to get simply the apartment painted with FHA approved paint and dispose of the lead paint before the appraisal begins for appraisers may require you to get the apartment repainted even if the paint is new but peeling.
One of the most visible features of many apartments is the security bars that have been added to the windows of many rentals in Birmingham AL. Many of these have been installed using bolts driven straight into the masonry. It may be the quickest way to install security bars, but it has been deemed a health risk as well. As per the FHA guidelines, an apartment must have quick release mechanism attached to all such security bars as present on outer windows.
Another important aspect of an appraisal that many apartment owners overlook is the functioning of electrical outlets. As appraisers may check any one of the many outlets, it is vital that each outlet is functioning properly. Most appraisers will check outlets using a simple circuit tester which can be bought from any hardware store for less than $20. So this too can be done before the appraisal begins.
When appraisers are looking at the general structure of the house, they are required to make sure that the roof, plumbing, utilities and the HVAC system are functioning properly, therefore, it is paramount that the owners give these a once over before the appraisal begins.
These are some of the simple steps that a proactive apartment owner can take to ensure that their one-bedroom apartments in Birmingham AL do not fall foul of the FHA.