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Is a property inventory a luxury or a necessity?

With the number of rules and regulations that a landlord needs to abide by these days, it would seem strange not to make a detailed inventory of everything at the rental property. Yet many landlords still do not insist on an inventory. However, without an inventory, a landlord runs the risk of spending thousands of pounds on replacements or on fixing damage, as well as additional redecoration costs, if they cannot prove any damage or theft by a tenant.

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An inventory is a clear statement detailing the condition of the property and any contents before a new rental contract is undertaken, although both parties (tenant and landlord) must agree that the condition descried in the inventory is accurate and that the photographs were taken recently.

Furniture

Does an inventory still matter if tenants bring their own furniture? Of course! The inventory also covers the general cleanliness of the property, the condition of the garden, and the state of interior fixtures and fittings.

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Photography

Including photos is a clear way of demonstrating the precise condition of a property at the time the tenant moves in, without having to rely on interpretation of words.
Keep things neutral by having your agreement and photos independently verified in case a time should arise when there is a dispute. Make sure you note all the relevant detail.

A signed inventory will give a clear illustration of how the property is decorated and the condition it is in.

For more reasons why you should be seriously considering an inventory, see the advice from Balance Online and once you’ve decided to proceed, you can make things much easier for yourself by investing in some property inventory software, from a specialist company such as Inventory Base https://inventorybase.co.uk/.

Failing to put in place a detailed inventory could be a very expensive error to make. Be sure to make a detailed schedule of everything in the rental property – including taking photographs – before the tenant moves in, and have the inventory signed by both parties in case it ever needs to be used as supplementary evidence. It is much easier to prove “beyond reasonable doubt” if you have photos you can show. It shouldn’t be an arduous task, but it could save you lots of time in the long run.

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