Hi Landlords; in the last few weeks, I have networked, had one to one chats with 1 / 2 existing landlords and contributed to some property forums on common issues you, as property owners face on a frequent basis.
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One of the issues picked up is; establishing if an inventory is required? As the MD of Rosellis Property Services, Inventories, Check In / Check Out are one element of my property services I cover within the Residential Market & below are my key highlights in response to your questions on Inventories;
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BACK TO BASICS; IN THE RESIDENTIAL INDUSTRY, WHAT IS AN INVENTORY?
An Inventory is a document listing all your movable items / those not part of the property structure with comments noted on any defects. This will include any of your furniture, lighting fixtures, appliances and equally any existing damage to structures within your apartment or house.
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WHY INVENTORIES?
Inventory reports are important during the check-in process and the check-out process. To protect both you and your tenant, it is KEY that you both go through all the rooms in your property and make a list of the condition of your property.
The key purpose is to itemise all of your fixtures and fittings, which should be agreed with your tenant, either directly if self managed / through your appointed managing agent at the beginning of the tenancy during the (CHECK IN) process and at the end of the tenancy once your tenant is vacating. (CHECK OUT) This is a fundamental process which must not be taken lightly.
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Also ensure your written inventory is coupled with photographs of your property, both externally and fundamentally internally. All images must give a description of the property. A more detailed and thorough report will save both you and your tenant any confusion at the end of the tenancy.
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Before your tenant moves in, be sure you / your managing agent are present. You / your managing agent & your tenant need to go through all items listed on the inventory and both parties should SIGN the Inventory as proof that you are all in agreement. Any new damages noted after the tenant vacates can be claimed by you.
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Signing the Inventory is an important part of the process. Should your tenant be in disagreement with the report, all points / reasons put forward must be dealt with before signing the final inventory to avoid disputes later.
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At the time of check out / your tenant moving out, the report should be crossed checked against the initial condition of the property. Every item listed on the report and the condition of the property should be same subject to normal tear and wear depending on the duration of the term. If these conditions are reflective of the original report at the time of your tenant moving in, also taken into consideration the normal tear and wear, then your tenant’s deposit should be returned in full within the timescales as listed within the guidelines of your adopted Deposit Protection Scheme. If not, a percentage, if not all of the deposit should be kept by you. Please note; Before any deductions are made / the full deposit is withheld, you need to ensure you have evidence of the total costs, agreed with your tenant for all remedial works.
ANY OTHER QUERIES? ASK ROSEMARY:) - rosemary@mypropertyatrps.com
