The Importance of an Inventory

If landlords want any chance of claiming on a deposit they must have an inventory.  Creating an inventory (sometimes also called a schedule of condition) is essential if the property is let furnished but just as necessary if it is unfurnished.

An accurate and current inventory will help to protect the position of both parties and can provide evidence to prove the condition of the property at the time it was let in the event of a later dispute.

An inventory should consist of a description of the condition of the property itself plus a detailed list of all the belongings and furniture being provided when the tenant moves in. Notes should be recorded of the condition of such things as walls, doors, windows, and carpets etc., of every room that makes up the tenancy and including any outside areas such as front and rear gardens and out buildings. Meter readings should also be recorded.

The inventory would be agreed with the tenant when they move in and a copy of the inventory made available to the them at the time of move in.

The inventory should be checked again at the time the tenant moves out and any discrepancies should be noted on a check out report. This ‘check out’ report should then be cross-referenced against the original inventory and would be used as evidence when dealing with deposit disputes with the tenant and requesting deductions to be made to their deposit.

Remember, if no inventory was carried out, it will prove near impossible to make deductions from the deposit.

Teclet members enjoy the use of an app that makes creating an inventory simple, you simply walk around the property taking photos as you go and recording the age and condition of the items in the different rooms.  To speed things up, it even comes pre-loaded with templates showing typical items.  Creating a first inventory can take a couple of hours to do but when balanced against the value of the deposit, it is time well spent.  Subsequent inventories are far quicker, and consists of simply highlighting the differences.