The importance of property inventories
What is a property inventory?
A property inventory is a documented report of the contents of a property, the condition of the property and furnishings. It is used to record the state of a property before a potential tenant moves in. Whether it is a holiday home, studio flat, apartment or 5 bedroom house, a property inventory is a landlords key to keeping track of the condition of a property and to easily settle any disputes that may arise during or at the end of an agreement.
Why is it important to have a property inventory?
If you have decided to rent out your holiday home or your house whilst you spend the summer away, a good inventory services company will provide independent inventory clerks to conduct thorough tenancy check-in and check-out reports with the assistance of a detailed inventory checklist.
Landlords used to always create their own reports and checklists, however in today’s world it is seen as clouded judgement. Investing in a good property inventory company will not only have a clear, honest view of the property it will often also prevent tenants from taking any further action when there is clear documented evidence of the property.
Renting your home can be a nerve wrecking for a new landlord but by trusting in reliable and friendly property inventory services means that as a landlord, first time or experienced, it takes a huge weight off of your mind leaving you to concentrate on other things.
Disputes can arise over the smallest of issues at the end of an agreement. From marked walls to damaged furniture or stained carpets.
To avoid losing money on mending broken fixtures or redecorating, an inventory report will come in to play to help prove a discrepancy in the condition of the property. The inventory company or agency can compare the original condition of the property in comparison to the current state, if there is a clear difference in the tenancy check-in and check-out reports, then the cost of repairs can come out of the tenants deposit.
It is highly encouraged to do research before renting out your property regardless of it being a temporary or permanent arrangement for any type of property. Knowing the industry, the location and what you can do to make the process easier will make becoming a landlord a much easier process.
Donna Essex guest blogs on behalf of Inventory House (www. inventoryhouse.co.uk), a leading property inventory company based in London.