Inventory
After the tenancy agreement, your inventory is the second most important document that you and your tenants need to sign and have a copy of
An inventory is a detailed description of the property, its contents, fixtures and the condition of every item. Ideally, it should be supported by time and date stamped photographic evidence. Read our ultimate guide to an inventory for more guidance.
The goal of the inventory is to establish and record the condition of the property at the start and end of the tenancies. It often takes the form of a ‘check in’ report and a comparative ‘check out’ report. Any change between the two is recorded and evidenced, making deposit deductions simpler to carry out and making negotiations easier to settle – it’s hard to argue with photographic evidence.
According to Suzy Hershman, Resolution Department Lead at mydeposits, most disputes are won or lost on the quality of the inventory documentation. Here are seven tips for a watertight inventory:
If you have a claim for £25,000 and the loss assessor judges that you are actually underinsured by 50%, the insurance company would only pay 50% of the claim.
This means you would only get £12,500 back, and you would need to deal with the shortfall out of your own pocket.
On a smaller claim you may be able to get around it, but on a bigger claim, you may find yourself in a position where you would be unable to afford to get your property rebuilt.
1. Always date the reports2. Define any of the terms or abbreviations used within the documents for consistency3. Fully describe the condition and cleanliness of the property and its contents4. Photographic/video evidence should be used to support your reports5. Any photos which are not included in the main report should be digitally dated and, if not, signed and dated by your tenant (tip: check your phone/device/camera settings)6. You must allow the tenant the opportunity to see and sign the reports7. Reports can be compiled by anyone but where they are prepared by a landlord or letting agent the tenant’s signature is a MUST
If you want an easier way to design a welcome pack, take a look at our welcome pack template.