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A frequently asked question by our current and prospective landlords is: ‘How can I protect my investment?’
One of the best ways to do this is by instructing your letting agent to produce an inventory. Damage to a landlord’s investment is a legitimate fear as many go to great lengths and expenses to ensure that their property is in a good condition before letting it to new tenants.
What is an inventory?
This is a detailed list which describes the condition of the furnishings and contents of the property at the commencement of the tenancy. It should also include photographs of the property.
Who organises an inventory?
As a landlord, you can conduct the inventory yourself, however we do recommend you use an independent professional such as your local letting agent. Andrews offers this service for a small fee. A professional will have the experience of conducting a thorough check and producing the relevant document necessary in case of dispute over the deposit with your tenant. They also bring that additional impartiality when assessing and reviewing the state of your property.
Why inventories are essential for helping to protect your property investment:
• Your inventory will be used as evidence in deciding if the tenant is liable for any damage at the end of the tenancy.
• It improves your chances of deducting monies for damage and rent arrears from the tenants deposit at the end of the tenancy.
• If you make a claim against the deposit and your tenant disputes this the adjudicator will be able to make a decision based on evidence. Providing the adjudicator with an Inventory, Check In and Check Out documents means they are easily able to judge the dilapidations and the decision is more likely to go in your favour.
When do you need to carry out the inventory?
It should be conducted at the start of the tenancy and should detail the condition of the property at check-in
What happens at the Check Out?
The inventory is used to compare the condition of the property at the start of the tenancy and will highlight any areas that may affect the return of the deposit. Inventories, check-ins and check-outs and referencing are all services Andrews can provide for you so if you would like any further information on protecting your investment please contact your local branch.