An inventory documents the condition of a property in both written and photographic format. It is not a legal requirement to have one in place, before the property is rented out, HOWEVER it is extremely beneficial for you as a landlord.
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An inventory is an account of the condition, features and the items within the property before tenants move in.
Just because it isn’t law to have one, do not be duped into thinking they aren’t a necessity. Why? The aim of an inventory is to prevent disputes with tenants, and ensure that your rental property is in the same condition at the end of a tenancy as it was, at the beginning.
Without one, any dilapidations found within the check out report, cannot be claimed through the tenant’s deposit. With no proof there is no claim. Its as simple as that.
A copy of the inventory must be supplied to the tenants to ensure there are no discrepancies between the document and the actual property condition.
Always remember, the inventory MUST be signed within 7days of receiving it, however, if you don’t sign it or raise an objection, it is deemed that you have accepted the inventory document as it stands.
Prices for a property inventory varies depending on the size and type of property you have.
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