An inventory is a concise, detailed list of the contents, fixtures, and fittings of a house, flat, or office that is being rented. This includes everything from the rugs and drapes to all the furniture (if furnished). An inventory provides a clear and concise snapshot of the property at the time of completion of the inventory with digital photos provided to support the report. The inventory must be done by a third party, an independent inventory specialist; otherwise, it will be considered biased and will not stand up in a court of law where reliance is required.
“With approximately 50% of all end-of-lease issues going into dispute, and the Landlord receiving 100% of the deposit in only 18% of those cases.”
- There is no legal requirement for an independent company to carry out inspections on a property. However, an Inventory and Condition Schedule of a property at the time of check-in is a vital piece of evidence in showing the condition and cleanliness of the property at the beginning of a tenancy. When the lease ends, it is this document that the output report is compared to. Therefore, it is very important that both documents are as accurate as possible and that their content is clear for all to see.
- Some owners produce very comprehensive reports that are fair and accurate. However, our experience from our work in handling disputes shows that many are not. Sometimes it is very difficult for owners who probably have an emotional attachment to the property to be objective about the condition or cleanliness.
- Agents sometimes take on this role, but again, even though their clients are both homeowners and renters, in practice, it’s not always easy to be impartial. It’s also not a cost-effective option when you have to send staff to perform time-consuming inventories when their time could be better spent elsewhere in the business.
- Using a professional, independent inventory company eliminates any risk of things not being reported correctly. Therefore, it is in the best interests of the owner, renter and agents to hire a professional and independent inventory company.
Are you renting your property?
Have you collected a deposit from your tenant that you will receive in the event of damage or non-payment of rent?
In this case, it is advisable to take an inventory of your property before someone moves in.
An independent and impartial asset inventory clerk or expert can provide you with a professionally compiled service that includes an in-report, inventory, out-report or interim inspection, which means you should be covered when it comes to making any deductions from the deposit at the end of the Lease.