What Is the Purpose of a Property Inventory?
A property inventory is an essential piece of paperwork for both the landlord and the tenant who is taking up residence in the property. Without one, many issues can arise which can cause the end of the tenancy to be less than amicable. But what is a property inventory and why should one be used?
What Is a Property Inventory?
In short, an inventory lists all of the items included with the property. This can include anything from beds to settees, lamps and kitchenware but can also be as detailed as the flooring, skirting boards and fixtures and fittings. If it does not belong to the tenant, then it should be included in the list.
In addition to providing a list of items, the inventory should also include details about their condition. Any imperfections should be noted in order to prevent the landlord from being left with damaged items.
It may sound like a big job, but listing everything in the property will benefit you in the long run, whether you are the landlord or tenant. Companies such as https://inventorybase.co.uk/ allow you to set up an inventory using property inventory software, which can be a big help for those struggling to list everything by hand.
What Else Should You Think About?
Whether you are an experienced landlord or someone who is looking at becoming one for the first time, there are many aspects to consider before taking on a tenant. Ensuring that your property is safe, finding trustworthy, reliable tenants and being able to deal with tenant deposits correctly are just some of the factors to take into consideration. Of course, there are many more things to think about, most of which are listed in this checklist, but ensuring you have an up-to-date property inventory is essential.
Once an inventory has been completed by the landlord, it is essential that the tenant takes the time to read the inventory and confirm that they agree with it all to prevent them from being billed for something that was not there when the tenancy began or that was already damaged. Anything that they do not believe is accurate should be mentioned immediately so it can be rectified. When both parties are happy, the document can be signed, meaning that the tenancy can begin happily.