If you don’t have an inventory, you are at the mercy of your tenants. Protect yourself by compiling an inventory and potentially saving yourself thousands.
What is a property inventory?
This document contains photos and descriptions relating to the property’s cleanliness, decorative order, and any furniture and other contents.
This process gives prospective tenants a chance to check the property’s condition against the inventory. Tenants should sign the document to confirm that it is a true record of the property at the start of the tenancy.
This occurs at the end of the tenancy. Any new observations will be compared against the details in the inventory. This highlights any damage and notes who shall be responsible for repairs. Tenants must sign and date this report.
The benefits of having an inventory from a professional include:
– Superior workmanship.
– Adjudicators give more weight to professionals.
– Pay a small fee to save time and trouble.
To save money, many landlords create an inventory themselves:
– Go through room by room.
– Record the cleanliness and the decorative order.
– List the furniture and describe its condition.
– Take four pictures minimum in all rooms.
– Photograph noteworthy or valuable areas.
Property inventory software is available from providers such as https://inventorybase.co.uk.
Meet the tenancy start and finish dates
Make sure the inventory is available for the tenancy start and end dates to protect your belongings. For accuracy, do the check-out on the date that the tenants return the keys.
Sign and date the inventory
An inventory is legally binding and protects your interests. Make sure that it is signed, as no signature indicates that the tenant was not happy.
Update the inventory as tenants move in or out. The cost of any damage made by the leaving tenant should be taken from their portion of the deposit.
Landlords sometimes decide against an inventory due to the expense; however, a good inventory is an insurance policy that enables you to retain the deposit in the event of damage to your property. You can save money if the inventory and check-in are completed at the same time.
In the event of a dispute, providing receipts, quotes and invoices will strengthen your case.