When you become a landlord, you will find yourself inundated with time-consuming tasks, which can quickly become overwhelming. Many of these tasks are ongoing, including creating an inventory.
As with any walk of life, it makes sense to get things done the right way, first time, every time. That’s why we’re bringing you some tips on the perfect inventory.
Let us sort your inventory for you
What is an inventory?
An inventory is a key document which clearly outlines the overall condition of the property before the tenant moves in. The inventory should contain descriptions and photographs of all the property’s contents, including fixtures, fittings, and furniture.
The point of an inventory is to safeguard both the landlord and tenant against tricky deposit disputes. For example, if a tenant insists that a stain was present when they moved in, you can check your inventory to see if the stain was recorded before the tenancy started.
The perfect inventory should be arranged by you or the letting agent, and will include the following:
An inventory clerk
Your inventory clerk will ensure that the property is wholly accounted for and thoroughly documented. They can go into a level of detail that might not come naturally to most people and cover all bases in any eventually. This is the best way to guarantee a water-tight inventory.
Photographs
Words are not as exact as images. If there is an issue over damages caused to the property, a photo taken before the tenancy began can clear up the dispute immediately.
It’s also important to note that there are two sides to this deal. As a landlord, you’ll know if your tenant has caused damage to the property at the end of the tenancy. But tenants will also know when a landlord is trying to charge them for damage they didn’t cause. As long as both parties are trustworthy and responsible, photographic evidence in an inventory shows that you are an honest and trustworthy landlord.
Related: What is the Renters’ Rights Bill and how will it affect me?
Unfurnished properties
Just because the property is unfurnished, doesn’t mean the nuts and bolts of the property aren’t subject to an inventory. Walls, kitchenware, and white goods all fall within the confines of an inventory, especially if they show signs of age or wear.
Promises, agreements and signatures
An inventory will also include the tenant’s legal responsibility to present the property in the same condition it was left in on the day they moved in. This includes hoovered floors, kitchen surfaces, and all crockery accounted for.
You have the right to withhold all or part of your tenant’s deposit if they fail to meet the criteria set out for the property and its upkeep.
Meter readings, keys and wall colours
Including these in the inventory ensures that the tenant hasn’t decorated without permission, lost or duplicated their keys, or used abnormal levels of gas and water during their time in the property.
Related: Why landlords are considering switching to a managed let
Do I need an inventory?
An inventory is not a legal requirement, but it is the best practice for landlords. Getting your tenants moved into your property requires complete transparency of the overall condition. Both parties should be aware of the condition of the property at the start of the tenancy, and what state the landlord expects it to be returned in.
For this reason, an inventory is a key safeguard and can provide both parties with legal security. The quality of the inventory is also an important factor. The more thorough you are with your pictures and descriptions, the more you have to refer back to at the end of the tenancy.
Related: Mandatory and selective licensing schemes for landlords
How we can help
If you use an agent, it makes sense to keep them involved in all aspects of your tenancies. You may wish to let your agent take care of the inventory entirely, which can be arranged if you are on a Fully Managed service.
The inventory is an essential part of protecting your asset, and also communicating to your tenants that you are a professional landlord. If you require help with preparing a great inventory or are interested in upgrading to a Fully Managed service, please contact your local Parkers office today.
Need help managing your investment? Find out more about our property management services.
