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Before renting out your property it's worth putting together an inventory detailing all items and their condition included in the let - property, contents, fixtures and fittings could be covered. Inventories can protect your investment and ensure a stress-free changeover between tenants. Using an inventory can mean avoiding a costly dispute with tenants as it is a written record of the property, its contents and its condition. Inventories are beneficial for both landlords and tenants regardless of whether the property is furnished, unfurnished or part-furnished. If the property or contents are damaged during the tenancy the landlord can take the requisite amount of money from the tenant's deposit. Conversely, if there is pre-existing damage a tenant can rely on the inventory to avoid losing all or part of the deposit.
What to include in an inventory
- Provide a description of the property and its contents, including models.
- List the items and their condition.
- State the quantity of items.
- Consider taking photographs (signed and dated by tenant and landlord) and/or video evidence.
What to do with the inventory
- Ask the tenant to check and sign the inventory at the beginning and end of the tenancy.
- Review the inventory on a quarterly basis, noting any wear and tear.
If any damage is identified as having arisen during the tenancy, agree a value (obtain estimates for repairs/replacements). Inform the tenant in writing of the proposed deduction from the deposit.
If the deposit does not cover the cost of the damage or repairs then obtain a written invoice for the landlord insurance company.
What to do if there is a dispute
In the event of a dispute between you and your tenant regarding damage to the property you can do the following things.
- Record the state and condition of the property/item with photographs.
- Obtain estimates of repair or replacement costs.
- Inform the tenant in writing.
Disputes may need to be resolved through the small claims court.
Professional inventory clerks
If you are unable or unwilling to perform the inventory work, it is possible to use a professional property inventory clerk. Local letting agencies and landlord associations can help you find inventory services.
Inventories are an essential method by which you can protect your investment, ensure your tenancies run smoothly and avoid disputes with tenants.
Useful links for further information:
Related articles:
Attracting and keeping tenants
Legal tips for landlords
Dealing with problem tenants
General landlord information (DIY, Inventories and more..)
Energy-saving tips for landlords and tenants
Financial tips for landlords
Buying a buy-to-let property (auctions, location etc)
Insurance for landlords
Using letting agents
Mortgage information for landlords
The information contained within this article is for general information purposes only, it does not constitute advice. Direct Line for Business endeavours to keep the information up to date and correct but does not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Direct Line for Business will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.
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