Who Needs an Inventory

Who Needs an Inventory?

Thought I’d talk about Inventories and Schedules of Condition this month, as there is a growing need since the introduction of the Tenancy Deposit Scheme. Landlords now need the tenants agreement to withhold all or part of the deposit  to pay for any damage to the property and in the event that your tenant disputes your claim you will have to prove  that you are right.

For example, if you find a scratch on the front of the stainless steel sink you will need evidence that the scratch wasn’t there when the tenant moved in. Just a photo isn’t good enough unless its signed by the tenant at the time they take the tenancy. It also needs to be  supported by documentary evidence in a properly laid out fashion.

I often hear “but I never needed one before and I’ve been letting property for 100 years”. This is because you’ve never had to get your tenants permission to withhold their deposit to pay for damage, you could just take the money, send them the balance with a scribbled reason and they rarely bothered to challenge you.

But the classic response I get is “why do I need an inventory, there’s nothing in the property”

So I thought I’d give you an example of a typical property with ‘nothing’ in it –

There is always a floor, usually with Carpet, Wood, Laminate, Tiles or Vinyl

There are always walls, usually Painted White or Magnolia.

There are always windows, either  UPVC or Wood with Handles, Locks, Keys etc

There are always doors, UPVC or Wood some are Glazed and they all have handles.

There are always electrical fittings, often White, sometimes Brass sometimes expensive Dimmer Switches and Light Fittings.

There are always Kitchen Cupboards, Worktops and a Sink

There is always a Loo with a Seat, usually a Bath and Basin, sometimes a Shower.

You’re probably getting the picture by now so I won’t carry on –

The important think to remember is that an inventory isn’t just a list of items but a Schedule of Condition, its unlikely that a tenant is going to nick the light switches but I’ve seen them painted in with the wall colour.  I often see walls which were white that have been transformed into vivid colours, particularly in children’s bedrooms.

 Its all things that you need to put right before the next tenant moves in otherwise you are lowering your standards each time and they are all things that cost money and delay the start of the next tenancy.

Inventories are not expensive relative to the amount of money and hassle it could save and once its been created it can be updated at each change of tenant ( unless there are major changes).

For more info see our main website or call us.