When
you own property and rent it out as a landlord, or whether you are a managing
agent looking after properties that are rented out by a number of landlords,
one of the things that you really must do is carry out an inventory on a
regular basis. It is not a legal requirement that you do so, but if you don’t,
it can cause all sorts of problems when the time comes for your tenant to move
on.
An
inventory, or condition report as it is sometimes known, is a written
report on the condition of everything within the property, and it should be
done at the point when the tenant moves into the property so that both landlord
and tenant are agreed on the state of affairs at the outset. In some cases the
property may be empty, but in others the landlord may provide furniture, a
cooker, refrigerator, freezer, washing machine, and so on, and the condition of
everything that belongs to the landlord should be recorded. The condition
report should also contain photographs of many of the items so that there
can be no doubt of the condition at that point. It should also have photos of
any damage, so that, for instance, if there is a scratch on the fridge door the
tenant cannot be blamed for that later.
An
inventory should also be undertaken at regular intervals during the tenancy.
How often this should happen is a matter of opinion. Some people suggest as
regularly as every three months, other say six, and still others think that
once a year is sufficient. Carrying out an inventory on a regular basis allows
any dilapidations to be noted more or less as they occur.
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