The Importance of an Inventory
August 20, 2014
As an award-winning property management agency we realise how important it is to compile a comprehensive and clear inventory at the start of every tenancy.
A detailed inventory will make sure the resident is aware of the condition that the property is expected to be in when they vacate (after taking into account fair wear and tear incurred during the tenancy).
What goes in to an inventory?
An inventory is a full and detailed report which outlines the contents of a property including all furniture, fixtures and fittings, crockery and kitchenware. There will also be a record of the condition of each room that will detail the location and extent of any visible knocks, marks, chips, stains, scratches or damage.
Prior to the check-in, our inventory clerk will create a clear and concise report that details the current state of the property, including the age, condition and model number of all the fixtures, fittings and furnishing. Then, during the check-in, they will go through the report with the resident to confirm that they agree with everything it contains.
For ease of reference and completeness all of our inventories also include photographs, a date stamp and are saved in a digital format so they can be easily cross referenced.
Routine inspections of a property should be carried out at regular intervals to check the property is being looked after. It is a good chance to make sure that the tenant is adhering with the terms of the tenancy agreement i.e. that the property is not sub-let, that pets are being kept (if no pets allowed) etc.
Why Inventories are Important
According to data published by mydeposits, one of the three authorised Tenancy Deposit Schemes, currently only 1% of tenancies (in England and Wales) require formal dispute resolution. Young London is proud to say that our rate is 0.9%.
By carrying out a detailed inventory we provide our residents with an itemised document that details the exact contents, and precise condition, of the property. The residents then have 7 days to come back to us with any comments and, once the resident agrees that it is a true and fair account of the property’s condition, it is signed.
An inventory provides all parties involved with clarity and stops the landlord or resident from making any assumptions over, or forgetting, the past condition of the property. This will make deciding end of tenancy deductions fair and will protect both parties.