Why do you need an inventory & schedule of condition?

As a managing agent we need to ensure we prepare all documents thoroughly so that our landlords are protected when issues with damage come up at the end of a tenancy.

An inventory is one of the most important documents to have when setting up a tenancy and every landlord should ensure they have one done before their tenants move into their property. A lot of landlords think an inventory is just a list of the furnishings however it is much more than this and the inventories that we prepare at Moores are thorough, detailed and always prepared with the final inspection in mind. Some key things to have in your inventory…..

Photographs: It is important to have current up to date photographs of the rooms & items you are describing. This will ensure the accuracy of the inventory cannot be questioned further down the line.

Condition Rating: An inventory should not just be a list of items. It is important to note and rate the condition of the every fixture, from furnishings & décor to appliances & windows etc…  Any damage should be noted and anything new should be labelled as such.

Meter Readings: These should be up to date and noted on the document so that all parties are in agreement as to when the utility account begins for the tenants.

Keys: It is important to note what keys have been handed over to tenants at the start of their tenancy. This should also include gate fobs/key cards etc…

Care Instructions: If you have a particular item of furniture or an appliance in your property which requires specialist care then you should note these instructions down on the inventory. This would be the case for a wooden kitchen worktop for example – giving the care instructions on the inventory ensures you have proof that the tenants understand how to care for this item properly.

Inventories are our main source of evidence if we enter into a bond dispute with a tenant at the end of the tenancy. This is why this document is so important to a landlord. A signed inventory is a difficult thing to dispute and our inventories ensure our continued success when we are challenged with bond deductions and need to go through the adjudication process.

We have other documents which we prepare for landlords prior to the tenancy taking place. We believe successful property management is all in the preparation which is where a lot of landlords become unstuck. If you would like to discuss our Full Management service in more detail then please give me a call on 0113 2399750 or email me at [email protected]. I haven’t given away all of our inventory secrets here so I have lots more helpful advice to give you!