Reasons why both landlord and tenants need a property inventory
1. Conducting an inventory will give both parties an accurate assessment of the current state of the property.
2. The property inventory will highlight any areas that need addressing and stipulate exactly who is responsible for their repair.
3. Having the document to hand will assist tenants on exactly how the property should be returned to the landlord and provide a guideline as to how the home should be maintained.
4. Inventories easily distinguish between damage and fair wear and tear.
5. Property inventories help protect both the landlord’s investment and the tenant’s deposit.
6. Conducting a thorough inventory lessens the chances of disputes arising once the tenancy has run its course.
7. Should a dispute arise, however, having an inventory in place will help ensure the right result is reached.
Landlords should be aware that conducting their own inventory could cause issues should a dispute arise. Protection schemes such as the TDP (Tenancy Deposit Scheme) will always favour inventories conducted by professionals over those carried out by the owner of the property.
Whether you are a tenant looking to move into rented accommodation or a landlord looking to protect your investment, a property inventory is a vital document to have. While most landlords will be aware of its importance, many tenants have a laissez-faire attitude towards them. This is a mistake, and one that can prove costly later on.