What is a Property Inventory & why is it so important?
A property inventory is used in the context of rental properties. It is a detailed and comprehensive document that records the condition and contents of a property at a specific point in time. This document is crucial for both landlords and tenants. As a landlord, it is vitally important that you obtain an inventory carried out by an independent provider. Failure to do this (if an issue arises) could result in arbitration looking unfavourably at a non-independent inventory. Why take that risk?
A professional property inventory should include the following information:
Condition of the Property: It thoroughly records the property’s condition before a tenant moves in. This includes the state of walls, flooring, ceilings, fixtures, and fittings.
List of Contents: For furnished properties, the inventory will list all items provided by the landlord, such as furniture, appliances, and any other contents.
Detailing Wear and Tear: The inventory should detail the standard of repair for items, noting any existing damages or issues. This helps distinguish between normal wear and tear and more significant damage during the tenancy.
Photographic Evidence: Inventories should include photographic evidence, providing visual documentation of the property’s condition at the start of the tenancy. Photographs should be time and date embedded.
Legal Document: The property inventory is an essential legal document that can be used in court if disputes over property conditions or contents arise between the landlord and tenant.
Check-in
Once the inventory has been completed, if required by the client, we can also undertake the check-in. This involves meeting the new tenant at the property and walking them through the inventory, making them aware of the location of the meter, the water stop cock and how the appliances operate. Upon completion of the check-in, the tenant signs to confirm he has been made aware of the contents of the inventory.
Mid-term inspection
Depending upon the length of the tenancy, routine inspections are carried out at regular intervals during the tenancy. This is primarily to ensure the tenant is happy and maintaining the property to a good standard, and to highlight any issues and nip them in the bud.
Check-out
On the day the tenant is ready to leave the property, an end-of-tenancy check-out must be performed with the tenant to compare the original inventory with the property’s condition. This will then highlight any damage or repairs needed and cleanliness (property should be professionally cleaned). This report has a direct bearing on the tenant’s deposit.