When a tenant moves out, an inventory serves as proof of the property’s condition and contents, which is why it’s an essential step in the leasing process. Let’s look at what exactly makes a good inventory.
What Is An Inventory?
Having an inventory on hand is essential when renting out a home since it will serve as documentation for the state of the house and its contents at the beginning and conclusion of each lease.
Landlords will be provided with an inventory of their property, which will include details on everything from its decor to its furnishings to its belongings to its garden and any outbuildings it has. This thorough record is used at the conclusion of each rental to make accurate evaluations of damage and cleaning concerns that are charged to the tenant.
Deposit scheme arbitrators or a court of law will consider the inventory as key evidence in the event of an end-of-tenancy dispute.
When Do You Need A Good Inventory?
Just before the tenant’s move-in, an inventory should be done. If there is any maintenance or cleaning to be done before the move-in, it should be done before the inventory is conducted.
Why Do You Need An Inventory?
If there are any inconsistencies between the state of the property you are renting out at the beginning and the conclusion of the lease, you as the landlord must have a full report. An inventory has never been more critical than it is now, thanks to the advent of deposit protection schemes. Landlords must secure their tenants’ deposits in an authorised programme when they accept a deposit from their tenants. The inventory will be an important piece of evidence for the adjudicator to evaluate if there is a claim at the conclusion of the lease.
Who Carries Out An Inventory?
A professional inventory clerk should be hired to do the task for you. Because it will be conducted by a third party, you are less likely to run into problems down the road if there is a disagreement.
What Should A Good Inventory Consist Of?
The condition of the walls, sockets, ceilings, and windows should all be documented with photographs as part of the inventory. Equipment such as meters and smoke alarms will be specified. Date and time stamps on the images are preferred.
Who Keeps The Inventory Report?
The tenant must sign a copy within seven working days of moving in to acknowledge the property’s condition. A copy should also be kept by the landlord or managing agency.
Why Is The Inventory Important For Tenants?
The tenant’s security deposit is well-protected thanks to the inventory and check-out reports. The renter’s deposit should be refunded in full if the property is left in the same condition as it was when the tenant moved in (allowing for reasonable wear and tear). Additionally, the good inventory serves as a handy tool for the tenant, who may use it as a checklist to ensure the property is restored to its original state at the conclusion of their lease.
As a landlord, renting agency, or independent clerk, you have a duty to provide an accurate inventory to your tenants. Renter-landlord relations should be improved as a result of this arrangement.