When it comes to renting out a property, an inventory isn’t exactly the most thrilling element of them all but it’s probably one of the most important. When used correctly, it benefits both landlords and tenants by establishing an incontrovertible shared record of the condition of that property in a tenancy agreement.
What is a property inventory? Normally this includes all fixtures and fittings, furniture (if furnished), appliances in the property, décor, flooring; windows; keys to meters … even garden or outdoor areas. A decent inventory contains comprehensive descriptions and timestamped images, so nothing can cause you trouble later.
Why inventories matter for landlords
An inventory can be invaluable for landlords – if there is damage over and above fair wear / tear, items missing or cleaning issues at end of tenancy it will provide your best evidence. Deposit protection scheme will want evidence if you ever wish to suggest deductions on the deposit. However, demonstrating what has changed and why a deduction is justified can be very difficult without an inventory signed off by a professional.
It is always good to have a comprehensive inventory because it also tends to prompt the tenant to keep better care of your property. Tenants are better informed of how their condition has been recorded, providing clear expectations from day one.
Why inventories matter for tenants
Tenants benefit just as much. An accurate inventory will help to avoid unfair claims and a loss of deposit. Where there was already a mark on the carpet, or scuffed paintwork, that should be written in the inventory. For advice from a Gloucester Letting Agency, visit a site like www.tgres.co.uk/
It also provides an opportunity for you to raise any issues at this point, such as a broken blind, appliance not working or keys missing so those issues can be dealt with promptly.
Best practice: check-in and check-out
Inventories are most useful in relation to a process:
Inspection Report (filled out before or during move-in, then signed by the landlord and tenant).
Check-out report (conducted at the end, comparing the property’s current condition to the original inventory).
The bottom line
A comprehensive inventory helps to avoid disputes, hasten the process of deposit decisions and keeps it easy between landlord and tenant. It is a small step which saves substantial time, stress and expense later. This is what makes an inventory such an important part of the letting process.
