Gone are the days when landlords could get away with scribbling a few notes on a bit of paper about the condition of their property. Then, a detailed and accurate inventory was not needed. But after April 6th, 2007 Tenancy Deposit Scheme, everything changed.
Since deposit monies are protected and insured an accurate inventory must be taken by the landlord and signed by the tenant for them to be protected in the future, brining us to the question “what is a professional property inventory”
A professional property inventory is a record of all the items that are on your property. The importance of this document when it comes to property letting can’t be overemphasized.
It is the document the tenant or the landlord can refer, to check the list of missing or deteriorated items when a tenant is about to vacate the property.
Generally, the inventory of any property is taken at the beginning of a new tenancy which would list all the landlord’s items on the property.
Also included in the inventory is a schedule of the condition which will list all the condition of the property itself and the contents thereof.
With a property inventory, tenants will have a complex and accurate overview and condition of the property he or she is about to rent.
What would be contained in a property inventory will be what the landlord deems important.
Things a good and professional property inventory will contain are the furniture the landlord has provided and the state of condition they are – whether good or bad, colors of the interior – the colors of the walls, the ceilings, the kitchen, bedroom, sitting room, whether the walls are painted or covered in paper, the number and type of lights in each room, the number of electrical points, the doors, the locks, cupboards, door handles, flooring and carpets, the heating appliances and every the landlord considers important.
Some inventories are even recorded on video so as to make sure nothing is left to chance or nothing is forgotten that is not to say most landlords don’t go with the traditional way of doing it which is recording it on paper.
Once the inventory is taken by the landlord, the onus is on the to-be tenant to confirm and validate all the items listed on the inventory and their conditions.
If it is inaccurate, the tenant may point out the mistakes and have it amended by the landlord and all the parties involved will sign.
The parties involved are the landlord, letting agent or inventory clerk. When the property inventory is fully signed by all parties involved, it becomes binding on all and forms the basis of which all the parties may refer, at the end of the tenancy.
When the tenancy ends, it is expected that both the landlord and tenant will go through and check the property physically and compare it with the original inventory that was taken at the beginning of the tenancy.
Any changes on the property or the conditions of the items therein would be noted and proper compensation would be agreed upon by both parties to repair any damage the tenant did during his tenancy.