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Six reasons why property inventories are vital

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It may not be a legal prerequisite, but an inventory report is a vital aspect of a good tenancy. A thorough inventory protects both the tenant and the landlord and can reduce the likelihood of any disputes.

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1. The report may flag up issues that need addressing

A report may discover that a piece of furniture does not fall under current fire regulations, for example. Although this may cost the landlord money to replace, had the worst happened, a simple sofa replacement was a far better outcome. It may flag up issues such as black mould or damp. Flagging these benefits the tenant but also saves the landlord money in the long run.

2. It protects investments and deposits

As a tenant your deposit is important. Oftentimes tenants will need to ensure they get their deposit back in order to move to the next property. An inventory protects it by ensuring rogue landlords don’t make up reasons to withhold it. As a landlord, a rental property is an important investment, and a good inventory protects it by deterring tenants from causing damage.

3. Fewer disputes

Having a good inventory will reduce the likelihood of common disputes between tenant and landlord. Not only does it reduce the likelihood of disputes, but should one arise, the inventory may be used as a means of solving an argument.

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4. Trained individuals are better assessors

Independent clerks undergo specialist property inventory training, such as the program offered at https://inventorybase.co.uk/blog/inventorybase-academy-launches-provide-training-continuous-learning-inventory-clerks-property-managers/. For example, they know how to distinguish between wear and tear and actual damage.

5. Guide for tenants

An inventory is a really useful guide for tenants so they can understand exactly what state the property should be left in. They can use it to make sure any furniture is back where it should be and that the flat is left in the same way it was first let.

6. Meter readings

A trained inventory clerk will also take meter readings for you. This benefits both tenant and landlord and reduces the likelihood of any disputes. Make sure your meter is in an easy-to-reach place and that any meters based in communal areas or on the street are clearly marked.

An experienced inventory clerk will put together a detailed report that can be of huge benefit to all parties.

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