When you’re letting property, a full inventory makes sense. It’s a document that needs to be watertight, describing the condition of the property with photos and descriptions. It should record everything from the state of the fabric of the property to its decorative order and general cleanliness.
When to use a property inventory
This document is critical when tenants are checking in and out of a property. Tenants should compare the state of the property with the inventory and make any changes as necessary when first renting a property. When moving out, the process is repeated, giving the landlord the opportunity to uncover any alterations or damage. In both cases, the tenants need to sign and date the report.
DIY or professional?
There are two options when compiling the property inventory: asking the professionals or doing it yourself. Having a report prepared on your behalf can be a costly business, although it may carry weight in a rent dispute. Unfortunately, an increasing number of landlords are skipping the inventory to save on costs.
Thankfully, there is another way: using property inventory software such as inventorybase, you can create a DIY inventory that’s equal to a professional report and can save you thousands in the event of a rent dispute. Generating your own reports quickly and easily puts you in total control of the process.
Why you need an inventory
When you take the time to put together a full and thorough inventory report, you’re effectively putting together an insurance policy on your property. Agreeing the report with your tenants will allow you to reclaim the full deposit amount should there be any dispute.
If the condition of the property hasn’t changed between tenancies, you can effectively use the same document as long as you note any amendments. If you perform the inventory check on the day your tenants move in, you’ll also save on employing a clerk who will only need to attend the property once.
An in-depth inventory is the sensible way to start your landlord/tenant relationship on the right foot. This useful document helps to protect both parties in the event of a disagreement because it helps to set realistic expectations for both parties about the condition of a property. Doing it yourself with specialised software saves on costs and puts you in control.