Property inventories are vital for tenants and landlords when it comes to rented accommodation. They serve to protect the landlord’s investment. They can document the state of a property before and after moving in, thereby saving the tenants' deposits.
Do I Need a Property Inventory?
Property inventories are vital for tenants and landlords when it comes to
rented accommodation. They serve to protect the landlord’s investment. They
can document the state of a property before and after moving in, thereby
saving the tenants' deposits.
Whilst the importance of this document is often already known to landlords, it is
the tenants who take too nonchalant approach when it comes to proper
documentation. This can be a costly mistake. So today, we’re discussing why you
might need a property inventory.
What’s an Inventory?
A property inventory reports on the state of the property at the
time of the assessment. They are typically carried out at the
beginning of a tenancy and at the end. The initial evaluation
measures the schedule of conditions. This lists the condition of
all parts of the property, such as floors, walls and ceilings, decor,
fixtures and furniture.
As such, an inventory helps account for any potential damages
or changes to a property's structure and matters even when a
place is unfurnished.
With those two documents are in hand, the landlord and tenants
can compare how the property might have changed across their
stay and help them determine who is responsible for repairs or
Landlords or letting agents can compile inventories themselves or
hire an inventory clerk for this job. Inventory clerks offer
independent assessments from reputable businesses. Whether
you do your own or get a clerk to do one the important thing is
the content. Information must be properly recorded, pictures
must me time-stamped, they should be of a good resolution,
existing issue must be identified, and the tenant must be given
an opportunity to comment and acknowledge the report.
Conducting an inventory assessment gives both parties a clear idea of
the current state of a property.
It will help highlight any areas that need addressing and designate
who is responsible for repair. This can be useful in the lead-up to
check-in as tenants might wish to see specific issues a