Renting out properties comes with responsibilities not only for the landlords but also for the tenants. Not only does “renting” connote being able to land a good property or negotiating for that one good rental price, but there’s one element that is sometimes missed: property inventory.
A property inventory is crucial when renting because it provides transparency, lessens property liabilities, and protects both landlords and tenants. Around the UK, there are services that provide for a property inventory. If you are renting or about to, or you are a landlord, here’s what you need to know.
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What is a Property Inventory?
A property inventory is a property report which provides documentation on the condition of the rental property. This includes documentation of the condition property, fixtures, furniture if there are any, and anything that the landlord would like to include in the rental place. Services in the UK for property inventory usually serve the landlords, agents, housing associations, and commercial rentals.
Typically the process involves a check-in report in the beginning on the rent. Then in the middle of the tenancy, there will be an inspection to check on the property to ensure that everything is taken care of. Then a check-out documentation will start once the rent ends which would compare previous reports.
Why is Property Inventory Important?
Complete documentation on the property.
If you are renting or you are a landlord who owns rental places, a report or a complete documentation of your property would serve you well. You will have a proper report on the condition of your property, what you are offering and what happened after the tenancy. Thus, you know what is going on around your property while you are renting it out and what course of action you can take should any issue arise.
Protects both the landlord and the tenant.
The property inventory report serves as an evidence or a proof when liabilities arise from rental situations. This report protects both the parties as the record will contain everything that there is to detail about the situation of the property when starting the rent and by the time it ends. For example, there is damage to the property – this can easily be tracked on the property inventory documentation if disputes occur between the parties.
Secondly, property inventory reports also help landlords or even tenants for further proof when claiming insurances.
Follows UK rental regulations.
If you do not know this yet, living in the UK and renting out properties do have some policies that you need to follow. For the most part, landlords are legally bound to follow regulations pertaining to rentals. Thus, the property inventory can assist landlords in completing the requirements to ensure that they follow UK guidelines.
End thought
If you ever want to rent or rent out your properties in the UK, consider a property inventory. It could lessen the hassle, protect you from disputes, and clearly protect your property from liability.
