If you’re about to embark on renting out your property, taking an inventory might not be at the top of your to do list.
Let’s be honest – there’s so much more to consider. According to the Money Advice Service, there are many more important things to think about.
But what are the benefits of keeping a detailed inventory and what’s the best way to do it?
Benefits of a property inventory
Disputes between tenant and landlord are common when it comes to discussing the return of the initial deposit. There’s often a difference of opinion between tenant and landlord when it comes to the condition of the property and the amount of damages to pay for.
Keeping a proper inventory of the condition of the property along with the exact contents is invaluable in contesting such disputes.
A property inventory also allows you, as the landlord, to know when refurbishment or replacements are required.
How to record your inventory
There are only really two ways to record your inventory – on paper or using software.
If you decide to use property inventory software, companies like https://inventorybase.co.uk/ provide a range of solutions to suit most landlords’ requirements.
Keeping paper records might seem like an acceptable route, but remember that there is only your word as to when photos and the last inventory check were done.
With inventory software, you are able to take time-stamped photographs and compare the before and after evidence. This allows you to be objective when determining what is simply wear and tear and what is actually damage that needs to be deducted from the deposit.
These software packages also allow you to accurately record the contents of each property. If you have multiple properties, you can easily transfer contents from one to the other.
Some packages even allow you to print out a book for each tenant, showing the condition and contents of the property before they move in. This is a really useful way to get them to agree with you the state of the property before they move in. This leaves little room for arguments when the tenancy agreement comes to an end.
So, while there’s a whole host of legislation and regulation to consider when renting your property, it’s clear that keeping track of inventory is crucial to making a profit.