What is an inventory?
Do you know What an Inventory is?
An inventory is simply a list or record of items present in a particular space. When it comes to the property industry, an inventory is a list of items present in a rental property and also a condition report on the property. The inventory includes all fixtures and fittings, all furniture present, kitchen utensils and appliances. The condition of all the above, as well as the condition of the walls, floors and windows are all recorded accurately.
An inventory is necessary for a rental property should it come furnished or unfurnished, as structural damage or damage to fixtures and fittings can still occur in an unfurnished property. An inventory is not only for the landlord to compose to protect the condition of his property, but also for the tenant to avoid a later charge for damage already existing but not recorded. It is hence quite useful for a tenant to observe the property themselves taking note of any defects they come across.
An inventory can not only be a written document, but it can also include photos or video footage (signed and dated) should the landlord find it necessary to do so. The evidence in the inventory must be accurately represented correctly dated so no misguidance occurs. Both landlord and tenant must go over the inventory documents and agree to sign them before the start of the tenancy.
An inventory is a very useful document for Landlords to have, as it makes it easier to be aware of any damages or missing items in the property. Should the condition of the property not tally with the inventory, the process of keeping the tenants’ deposit (o a portion of it) should prove fairly straightforward.
An inventory is designed to protect both landlord and tenant should a disagreement arise during or post the tenancy period. In the event of a dispute between landlord and tenant, a recorded document like the property inventory should simplify what could be a lengthy and annoying process.
Whats is an Inventory? A common questionasked by our clients.
The inventory must preferably be printed to ensure legibility, and both tenant and landlord must possess an identical copy of the inventory document for their own records.