In today’s crowded and competitive property market with ever increasing legislation and landlord expenses it is without doubt landlords need to keep costs low when renting their property. One expense that many landlords or even some tenants may not see the value in is a professional inventory. Let’s have a look into what a professional inventory is and the benefits of having one compiled.
What is a inventory?
An Inventory is a document which catalogues all the content in the property as well as the condition of both the content and property in question. A good inventory will be very detailed and clear with photographs taken to support it.
When should an inventory be prepared?
Inventories should ideally be done at the start of the tenancy and checked at the end. Checking the inventory at the end is referred as check-out. It should clearly note all the items in the property and their condition. Once the tenancy has expired and the tenants are ready to move on, a ‘checking out’ form should be conducted to see how the property has been kept in comparison to the start. It would be ideal to have the tenants present at both the check-in and check out, however that’s not always possible so getting the tenants to sign the documents confirming the representation to be accurate is crucial.
How much does a professional inventory cost?
Inventories typically cost between £100 to £250 depending on the size of a property. This would consist of a professional inventory clerk coming out to the premises to compile the inventory report and checking the tenants in.
Is an inventory compulsory?
It’s not actually compulsory to compile an inventory however in reality they are essential. In the unfortunate event that a landlord needs to claim money from the tenants deposit, any of the three Tenancy Deposit Schemes would ask for proof. One of the best ways to overcome this is having the inventory in place and having the tenants signed the report prior to moving in. Majority of the time when a landlord lets a property it is because the asset is an investment therefore it is essential that landlords are equipped to deal with these transitions amicably and to maintain profitability.
My property is unfurnished, should I still get an inventory?
The answer to this is yes! An inventory would still cover the condition of the flooring, doors, windows, fixtures and fittings etc. More than likely after 6-12 months of a tenancy you will not remember the entire condition and contents of the property. Using the inventory you could see if natural wear and tear has occurred during the tenancy or if actual damage has taken place or even items missing.
Do inventories help in landlord tenant disputes?
When it comes to deposit disputes between landlord and tenants an inventory can play a key role in the matter. Landlord and tenant disputes can get nasty, and issues can spiral out of control but with a good inventory and conditions report supported with photographic evidence this could be the crucial proofs needed to support your claim. It can greatly assist to differentiate between whom is telling the truth and whom is not. If the inventory is conducted by a professional inventory company this would be a third party who has no connection to the dispute hence the courts would consider the inventory and report details closely.
So are inventories important?
Back to the original question of whether inventories play an important role with the renting process. No doubt! All the information stated above clearly outlines that they are. Not having an inventory could lead to unnecessary issues stress and financial loss.
Here at Netlett we offer a professional inventory service. Click on the button below to purchase.Buy Inventory