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Why You Should Set Up a Property Inventory

 

Property inventories are documents reporting the state of a given property, its contents and the time of assessment. These are done twice identically, once when the tenancy begins and once at the end, as an inventory and checkout.

 

The most significant bit of the inventory assessment is the Schedule of Conditions. This details the state of every part of the property, including floors, walls, ceilings, decor, etc. Landlords may think that this is only regarding fixtures and fittings. Still, the Schedule of Conditions offers protection against any structural damage on the property during the tenancy. You need to have an inventory taken, even if the property is unfurnished. 

 

Having the two documents allows both sides of a tenant-landlord agreement to know exactly what has changed during the tenancy's length. The checkout report details any areas that need attention, and those will be segmented into tenant and landlord sections, showing who is responsible for what around the property.

 

Having the documents on hand will lessen the chance of disputes, making the process of exiting a tenancy straightforward and streamlined. Both parties must review the reports, ensuring everything was noticed during the process. This is especially important if the tenant is at the inventory stage, as any existing damage or defects that are picked up, in the end, will be their responsibility.

 

As a tenant, you have the right to be present when the checks are done. Thai ensures the person conducting the check won't miss anything, but it's still a good idea to check out the document in detail before it is completed. In the process, spotting omissions and errors as soon as possible ensures the changes made can be reported without worrying about mistakes.

 

Who Conducts the Inventory?

 

The landlord, a letting agent, or an independent inventory clerk may compile inventories. Independent inventory companies need to be a member of a professional association so you know you are dealing with a reliable firm in the process of your tenancy.

 

Inventory reports are often compiled on the day you move in when both parties must sign the document and confirm they agree with what's inside it. The document's details depend on the property's value and contents, and it may include photos as evidence and written documentation.

 

There are many reasons why you would want to have a property inventory done, both as a landlord and a tenant: landlords must know that conducting an inventory on their own may be an issue in disputes. Protection schemes such as the TDP (Transport Deposit Scheme) always favour inventories made by professionals over those done by the property owner.

 

  • Conducting an inventory gives both parties an accurate assessment of the state of the property.
  • The property's inventory shows areas that need to be addressed and who is responsible for their repairs.
  • The document will help tenants on how the property needs to be returned to the landlord and provides a guideline on how the home must be maintained.
  • Inventories help make a difference between damage and wear and tear,
  • Property inventories help the landlord's investment and the tenant's deposit.
  • Going through the inventory helps lessen the chance of disputes when the tenancy is over.

  • If a dispute happens, having an inventory helps ensure you get the right results and consensus.

 

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