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What You Should Include on an Inventory List

Some landlords inexplicably dismiss the idea of providing a property inventory when taking on a new tenant. It may be because they think it will take too much time or it could be that they simply forget to do this. The consequences to a landlord for failing to carry out this very basic and common-sense task can prove expensive if things go wrong. Here we can look at what an inventory list should contain. What is an inventory? An inventory is quite simply a list covering the condition and state of repair of a property plus the contents and fittings. The inventory, also called a ‘schedule of condition’, is something which is designed to set out exactly what state a property is in at both the beginning and the end of a tenancy and helps to assess whether any damages need to be taken out of the tenants deposit to cover any losses to the landlord. The inventory can be compiled by the landlord or by the property manager and should be signed by the landlord and tenant. Ideally, photographs should be taken particularly if there are new or valuable items like kitchen appliances so that there can be no…