Property Inventory Reports
When you are renting out a property, there is a lot of paperwork and documentation that you must complete. Much of this paperwork is required by law. It is often difficult to keep track of all the various legalities and requirements for landlords and letting agent that need to take care of. From gas safety certificates, energy performance certificates and property inventory reports.
Property inventory reports are one of the most vital documents that you must complete as a landlord. They protect both you and your tenants by clearly outlining the state of the property at the beginning of a tenancy.
It is essential that you complete a proper inventory as it serves as a means for reference and fact-checking, It is very useful should a dispute ever arise between the tenant and landlord.
What Are Property Inventory Reports?
A property inventory is a document that clearly details the contents and conditions of every room in a rented property. It will often include photographs along with descriptions of all the various areas of the home. Before a new tenant moves into a property, it is wise to create a ‘check-in’ property inventory. This will outline the condition of the property at the very start of the tenancy. It will note all the fixtures, furniture, fittings, and the general state of the décor.
This check property inventory provides tenants with an expectation of how they should maintain the property throughout the tenancy.
When a tenant is due to leave, it is crucial to complete a ‘check-out’ inventory for the property. This second inventory will provide details on the condition of the home at the end of the tenancy. You can then compare the results of the check-out inventory against the check-in inventory. From there, you can assess and appropriately address any discrepancies.
These property inventories are both signed by the tenants and the landlord or letting agent. It is vital that both parties have thoroughly checked the inventories on both check-in and check-out to ensure they are accurate.
Are Property Inventories A Requirement For Landlords?
Property inventories are incredibly helpful for landlords as they can help landlords and tenants to avoid disputes. There is currently no law in place to state that property inventories are a legal requirement for landlords. However, many will recommend these inventories in order to protect both the landlord and the tenant.
These inventories can help to clarify which party is responsible for maintenance and repair to the property. If items around the property, or the property itself, becomes damaged, a landlord can refer to the inventory to determine if this was a fault before the tenant arrived or has been caused by them. The cost of replacing or repairing items can then be deducted from the tenants’ deposit.
How Do Property Inventories Benefit Landlords?
Property inventories are beneficial to both landlords and tenants as they provide a clear and concise picture of the contents and condition of the property. Landlords can use these property inventories to keep a record of the state of a property when a tenant moved in, giving them protection in case any damage occurs during the tenancy.
How Can I Order a Property Inventory Report?
If you would like to order a report either call us on 020 3745 1093 or click here to take you to our contact page.