A rental property inventory provides the full details of the contents and condition of the accommodation at the beginning of a tenancy. But what do you need to include and how do you put it into practice? Read this useful guide on how to take a property inventory.
1. Prepare an Inventory Template
Your inventory should consist of a full list of the contents within your property as well as the condition of the accommodation itself. You should include every fixed feature, such as the ceilings, walls, doors and cupboards.
Once the list is complete, check the state of the wallpaper, carpet and paintwork as well as fittings and appliances.
For property inventory software, look for a company such as https://inventorybase.co.uk/.
2. Handing over the Inventory
Ensure that you complete the inventory on or just prior to your tenants moving in, with your tenant there. This must be done before they use any item in the property and move any belongings inside.
3. Note Any Issues
Make note of any issues on your inventory upfront, as well as the specific appearance of features and items within the property.
If there is brand new furniture, make a note, but if there are scratches on the kitchen worktop, reassure the tenant. The inventory must then be signed by you both, and you must provide your tenant with a copy.
4. Schedule Inspections
Scheduling regular inspections is part of being a landlord – try to book checks every three months. Your tenant must have at least 24 hours’ notice before the inspection.
5. Settle on Wear and Tear
Wear and tear and damage are different, so ensure the inventory contains clear details of the condition of the property and its contents.
Over time walls and carpets may wear or become scuffed, and tenants cannot be held responsible for this.
6. Your Damages Procedure
If damage has occurred, estimates for replacements or repairs should be drawn up. Make sure your tenant understands the costs, and then update the tenancy deposit scheme to apply deductions.
If the deposit cannot cover the amount of damage, invoice the tenant for any outstanding amount and ensure you have photographic evidence.
7. End-of-Tenancy Check
This takes place on the day the tenants move out and acts as a last inspection with your tenants present.