Why the property inventory should never be underestimated

When it comes to moving into a new rental property, there are lots of factors that need to be considered.

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Between arranging the removal vans and unpacking boxes, the issue of a property inventory might be something of an afterthought. However, a thorough inventory at the time of moving into a rental property is becoming a crucial consideration designed to benefit landlords and tenants alike.

According to an article that was published in The Mirror, tenancy deposit disputes soared by a whopping 40% in 2017. The idea of a property inventory is to eliminate such disputes by coming to an agreement about the state of the property at the time the tenants move in. What else should you know about this important aspect of the tenancy agreement?

What does a modern property inventory entail?

The concept of an inventory is not new, but over the years, it is something that has become much more detailed and thorough. A full check of the property, its contents and the general state of the fixtures, fittings, garden and furniture (in a furnished property) is recorded with the use of photos and other digital aids. If and when a tenant moves out of the property, this evidence can be referred to in the event of a dispute. In short, it ensures that a property is returned to its owner in a good state and it also protects the tenant from losing their deposit.

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Who carries it out?

An inventory can often be carried out between a tenant and a landlord. Letting agents may also offer the service. Increasingly, however, third-party inventory companies are becoming a favourable option for landlords. Not only do they use modern practices such as property inventory software (https://inventorybase.co.uk/), but they are also considered to be an unbiased agent.

What is looked at?

Any breakages or damage to the property and its contents will certainly be taken into account. However, factors such as the cleanliness of the property and the tidiness of the garden might also be taken into consideration. If a landlord is going to need to bring in cleaners and gardeners to restore the property back to the standard it had when it was first let, the cost of this may well fall upon the previous tenant.

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