When starting with a new tenant, some landlords don’t put in place a property inventory. The consequences for not compiling this common-sense, basic list can be costly if matters go awry. Here we look at what inventories should include.
What is an inventory?
An inventory is simply a list detailing the state of repair and condition of a property, plus the fixtures and fittings. Also known as a ‘schedule of condition’, the inventory sets out the state of a property at the start and finish of a tenancy. It helps to decide whether any damages should be extracted from the tenant’s deposit to cover any losses the landlord has incurred.
Preferably, photographs should be arranged to avoid disputes over the condition of new appliances or valuable items.
What to include
Firstly, an inventory needs compiling even for unfurnished properties, since there are cases where tenants have damaged carpets … Read the rest