Lots of people being forced into the rental market for the first time by the current financial crisis are discovering something the rest of us have known for a while; the inventory is the key to any dispute.
What is on the inventory is written in stone. It cuts both ways of course. Tenants can argue that damage to furnishing, walls or carpets was there before they moved in but if it is not listed on the inventory then they have no chance of a successful complaint.
Landlords can try to claim an expensive vase went missing when the tenant departed but if it has been left off the inventory then they can forget it.
Recent changes in legislation mean the inventory is king in any dispute. “A clear description of the rented property and a proper record of furnishings, fittings and contents, as well as dated photographs showing their condition, has never been more important as it is today,” says Alan Ward, a director of the Residential Landlords Association.
To protect your investment you must make sure that inventory is as thorough as it is possible for it to be. There are actually companies that will do this for you but if you have the time it is probably cheaper to do it yourself using our landlord software.
In our Landlords Property Manager solutions you can take an unlimited number of pictures and can then hold them within the software. This means that you can take pictures before you let the property out and you can also take pictures after the tenancy has finished.
As Mr Ward says “If it’s not on the inventory … it doesn’t exist.”
