New to Letting? What you should know about Property Reports
When you rent out property to tenants as living accommodation, it is necessary to accept that the property will not be in the same condition at the end of the tenancy as it was at the beginning. Over time, things wear out, particularly carpets, but if you let a property furnished there will be wear and tear to your other furniture, and your fixtures and fittings. This is classed as fair wear and tear and is part of the overheads of property letting.
Fair wear and tear is also associated with the quality of furnishing you have provided. For example, a low-quality synthetic fibre bedroom carpet cannot be expected to last more than 3 or 4 years. Whereas a high-quality wool carpet may be expected to last 20 years. So ‘fair’ wear in both cases needs to be relative to the quality of the materials.
In the case of wear and tear you can come to a cost above and beyond the natural by making a judgment as to where the fixture is in its expected lifetime vs. the state as at now. So, for example, if a new carpet costing £500 is expected to last 5 years and after one year of tenancy needs replacing, the cost chargeable to the tenant is £400 as one year’s worth of use needs to be take out regardless of needing a totally new carpet. You can get professional help in assessing how much to deduct for more complex situations.
Apart from wear and tear, your tenants will be liable for damage to the property, items that have been lost, and breakages, possibly caused by the tenants’ negligence, carelessness, misuse, and in some instances, deliberate damage. In that case, the tenant will be liable for the cost of repairs or making good, and this is why the tenancy deposit scheme is in place as it offers landlords some protection from the action.
These are some of the reasons why you need to undertake a property inventory at the beginning of the tenancy, and perform mid-term inspections at intervals throughout, and at the end of the tenancy. You also need to check for things that the tenant may not have reported, or noticed, such as perhaps an electrical socket becoming loose, damp on a wall, and so on. This enables you to undertake any repair work that might need doing before it gets out of hand and finishes up costing a lot more.
If you are a new landlord letting out your first property it may be that you have purchased it as an investment, or possibly inherited. There is a fair bit to do in managing your property, tenants and following the required legislation.
Some of the basic are easily done by yourself, for example, the cycle of property reports starting with an inventory just before letting the property. Then following that up with a check-in report on the start of the tenancy. By doing it this way both you and the tenant can agree on the condition of everything.
When you have completed your check-in report it get a copy signed by the tenant. Give your tenant an opportunity to update the document within 5 or so working days of the start of tenancy.
Undertaking inventory can be tricky if you have never done it before, and this is why you may want to use the free app that we provide at Reports2Go to create a free property inventory report. You can download the app to your mobile or tablet from the App Store or from Google Play.
This has several advantages, not the least of which is that it takes you systematically through all that you need to cover in a property including front and back gardens, appliances and so on. As you go from room to room, out to the garage or garden shed, and so on, the app will prompt you for things to watch out for. So, for example, when you go into the bathroom it will remind you to check for fixture and fittings. You can also take photos with it.
Our Intelligent Keyboard Engine (IKE)TM will help prompt you for the text when you come to describe items. The end result will be a PDF document with sections, pictures all professionally laid out.
Panos, 26 February 2021
Post Titles
- Property Inventory App? What can I expect for my money?
- How inventory clerk software can help your business
- The advantages of using Voice Technology for Property Reports
- What goes into a Condition Report?
- Things to consider when compiling a Property Inventory
- Do I Need a Property Inventory?
- The Importance of Check-In and Check-Out Reports
- Our Dictation Software makes creating Inventory Reports so much faster
- Why you need to carry out Interim Inspections of your BTL
- Creating an Inventory is a critical task for a Managing Agent
- An Inventory Guide for Tenants
- Our App makes creating a Schedule of Condition so much faster and more Accurate
- Some tips for Landlords carrying out Property Inspections
- Creating an Inventory is one of the most Important Tasks for a Managing Agent
- What should you check for when Inspecting your Rental Property?
- How to Hire an Inventory Clerk
- Is an Inventory Report needed for Unfurnished Properties?
- The Reasons why you should carry out a Mid-Tenancy Inspection
- The Perfect Inventory App for Landlords
- Check-In and Check-Out reports: What you need to know as a Tenant
- Carrying out Mid-Tenancy checks: What you Need to Know
- You’re not still living in the 20th Century, are you?
- What to check for when doing an Inventory Report
- Use Speech Recognition tools to reduce time doing Reports
- Our Dictation App saves you a Huge Amount of Time
- Mid-Tenancy Reports are Critical when Letting a Property
- There may be Errors in the Inventory Report
- Reports2Go: the 21st Century way of creating Property Reports
- How to do a Condition Report for your BTL
- The work of an Inventory Clerk can be exceedingly varied
- What should you check for when inspecting your Lettings Property?
- Some things you need to know about Mid-term inspections as a Landlord
- The Reports2Go App makes Property Reports simple
- Why you should carry out Interim Inspections as a Landlord
- Why Check-In and Check-Out Reports are important for Tenants
- Some things to consider if you are thinking of buying a BTL
- The clever way for Letting Agents to create Property Reports
- Our FREE app makes Inventory Reports so much easier
- What to do if your Tenant has Damaged your Property?
- Inventory Reports and Check-Ins – are both really necessary?
- Who should pay for Property Cleaning - Tenants or Landlords?
- Is a Check-in Report Really Necessary?
- New plans and improved resolution for images
- Overheads of being a Landlord
- It is Critical that Inventory Reports are Accurate
- Mid-term Inspections of your BTL are Essential
- Minimising risks with proper tenant checks
- Making a Claim on a Tenant’s Deposit: What you need to consider
- The Importance of an Inventory for Tenants
- Things to note when conducting Check-In/Check-Out reports
- Our App saves a huge amount of time carrying out Inventories
- 5 Handy Screening Topics for New Tenants
- Busting Property Management Myths
- Six Money-Saving Tips for Landlords
- Rules for Tenants and Pets in 2021 - What are the Changes?
- As a Landlord you need to carry out Interim inspections
- Giving your Feedback on an Inventory as a Tenant
- Inventories made easy with Reports2Go
- New to Letting? What you should know about Property Reports
- Three Pillars of Good Property Management
- How can PropTech reduce your Property Inventory burden?
- Choosing the right Rental Management Strategy
- Some Tips for Promoting your Letting Agency Business
- The Importance of an Inventory to you as a Tenant
- Some Ideas to Consider in Order to Reduce your Overheads
- Legislation Concerning Landlords and Tenants is Constantly Changing
- What’s your Property Management approach?
- How to maintain a Positive Relationship with your Tenant
- How important is a Condition Report?
- Tools for New Landlords and Property Managers
- The Check-in Process in the Reports Cycle
- Doing an Inventory: Part 5 - Enhancing the Report
- Doing an Inventory: Part 4 - Finishing Up
- Doing an Inventory: Part 3 - Describing Items
- Doing an Inventory: Part 2 - At the Property
- How to do an Inventory: Part 1 - Preparation
- All you need to know about Property Reports as a Tenant
- Use the FREE Reports2Go App to Speed-up Inventories
- Using on-board Dictation Software for Reports
- A guide to Inventory, Check-In, and Check-Out reports
- Reasons for Landlords to carry out Mid-term Inspections
- How to Carry out an Inventory Quickly, Accurately, and Easily
- What does an Inventory Clerk do, and should I hire one?
- Inventory – A Guide for Tenants
- Things to keep in mind when conducting a Check-in Report
- Free Schedule of Condition - Why You Need it
- End-of-Tenancy clean? All you need to know
- Reports During Covid - 19 Restrictions
- Mid-term inspections as a Landlord
- How to avoid Deposit Angst with the Reports2Go app
- The Importance of the Reports2Go App for Inventories
- All about the Reports2Go App
- The Importance of an Inventory for a Tenant
- Dictation makes for a much faster and more Accurate Inventory
- How the Reports2Go app works
- Free Property App
- Completely Free App
- Tenant Fees Act and Inventories
- When you have a lot of Inventories, Reports2Go will save you time
- Periodic Inspections and why they are good idea
- Inventory meets the 21st century with Reports2Go
- Our App saves you a lot of time on Mid-Term inspections
- What is an inventory and why have one?
- Text Mode
- Audio Mode
- Our Inventory App
- Inventory Associations
- The life cycle of a Report