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 compensation.

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.

Why You Need a Property Inventory

  • 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 addressed before they move in.
  • The document assists tenants in making sure they return the property in the proper condition, providing a guideline for maintenance.
  • The inventory protects a tenant’s deposit and a landlord’s investment.
  • An inventory is vital in case a dispute arises; it ensures the correct verdict can be reached by the adjudicator.

Gary, 01 April 2022
Do I Need a Property Inventory?

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