Importance of property inventories
The property inventory document is essential for both landlords and tenants of rental properties, second only to the rental agreement. In fact, most landlords and agents are aware of this, but tenants are less aware of the importance of the inventory, as they are unaware of how the document can also protect them from harm.
An inventory of the property should always be requested by a tenant to prevent future accusations of damage that is not their fault.
At the beginning of a tenancy, inventory management can help encourage a healthy business relationship between landlord and tenant. The tenancy should always be handled by an Inventory Professional Service Provider (APIP), or by the letting agency. In this way, both parties will have the freedom to deal independently with their queries and complaints.
Property inventories explained
It includes detailed descriptions of each room within a property, its contents, and its condition, as well as photographs. It is routine for two identical inventory reports to be performed during each tenancy, one before the tenant moves in, and one after the tenant moves in, traditionally called the inventory report. Setting clear expectations about the maintenance required by a tenant also require knowing the standard of the property at the start of the tenancy.
After a tenant leaves with all their belongings, a second inventory, called a check-out, is performed. It will list recommendations for actions, which are normally assigned to landlords and tenants. In addition to providing legal benchmarks for the quality of the property, the reports facilitate quick agreement at the end of the rental agreement among landlords and tenants.
A clear description of how the property has changed during the tenancy should be provided in both reports. The inventory will provide the most significant evidence if a dispute arises over hygiene or other matters. To determine the outcome of the dispute, the adjudicator will rely solely on the inventory.
In both the inventory and check-out, the tenant can be present, but it is important for the tenant to read them carefully. The tenant might find themselves in an unfortunate situation
if any damage is not included in the check-in report because they may have to pay for the damage they didn’t cause. A tenant should notify the inventory clerk, landlord, or letting agent immediately if he or she finds any omissions or inaccuracies in the inventory. In addition to the tenant signing the document, every party should ensure that the inventory is accurate so that everyone’s interests are served.
See the UK gov website to gather even more knowledge on the need for inventory checks with details of the processes.
How to avoid deposit altercations
Renters are only responsible for damages and not fair wear and tear. In a large family, for example, the length of tenancy, the age and condition of the goods, and the quality of the items should all be taken into consideration when determining wear and tear.
When it comes to determining replacement costs, a good professional inventory is extremely helpful, since it details the original quality and condition of the items that are being claimed.
Based on the inventory and check-out reports, the deposit will be returned to the tenant.
For recommendations on property inventory suppliers, get in touch with Lofti to find out who we work with depending on your location.