Why Having No Inventory Could Cost You Dearly

A lot of Landlords think that an inventory is an added expense when letting their property, so decide not pay for a professional report, but here are a few reasons why this could end up costing you dearly:

 

Damage to your property does happen

The majority of tenants look after the property that they rent, but accidents do happen, and a few tenants can have no regard for the property they rent and can cause thousands of pounds of damage.  We’ve seen it all over the years – burn marks on carpets, holes in walls, handles pulled off doors, tiles chipped.  The list is long.

 

You need to have proof

Simple fact – if you do not have a detailed inventory that lists the condition of your property and it’s contents before a tenancy commences, how can you prove the tenant caused the damage?

With tenancy deposits now being held in the Tenancy Deposit Scheme, if you do find yourself having a dispute with your tenant over deductions from their deposit the first thing an adjudicator will ask for is evidence of your loss.  Without a proper inventory, you won’t have a case worth talking about.

 

There’s no point taking a deposit without an inventory

Without an inventory you are going to find yourself in a “he said, she said” situation because you won’t be able to prove any damage by your tenant.  Without evidence, the majority of cases brought to adjudication are awarded to the tenant.

 

Was it really like that at the start?

Say you have a tenant that has lived in the property for a number of years, would you be able to recall the exact state of the property when the tenant moved in?

 

A professional detailed inventory will serve you well

An inventory completed by a professional should make note of every little detail in your property, including any damage, fair wear and tear to items and areas that could end up costing you money once a tenant moves out, like oven / carpet cleaning.  Get a good, detailed inventory at the start of a tenancy and it should serve you well when it comes to the tenant vacating, making the check-out process a breeze!

 

Save yourself time

You could of course do your own inventory, but do you know what exactly to look for and the correct terminology to use when describing items and conditions?  Not to mention it could take you hours to complete, and it may not be as detailed as a professional inventory.  Skirt over the details and it may not even be allowed as evidence in a deposit dispute situation.  Best to save yourself time and worry, and get a professional inventory clerk to complete the report for you.

 

Your tenants prefer to have an inventory

Nowadays tenants expect an inventory to be completed before they commence their tenancy as they will have a record of the condition of the property, and know what is expected of them at the end of the tenancy to enable them to get their deposit returned to them.

 

When you take in all of the above, inventories really are an essential document to protect your investment, but they are also excellent value for money.  Plus did we mention the cost is tax deductible!

 

Orchard Lettings includes a free detailed inventory report with all our fully managed properties.  For those landlords who prefer to look after their own investments, we can complete an inventory for you at a competitive price.

 

Contact us on 02838 355100 or email info@orchardlettings.com for more details.

 

 

 

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