With landlords facing increased rental arrears and void periods, the last thing they want is a further drain on their finances. But by not taking a proper inventory at the start of a tenancy landlords are taking risks with their money, according to the NLA.
When a tenancy ends, some landlords can find themselves left with damage, cleaning or the cost of replacing furniture and fittings. And if they can’t provide evidence of the state of their property at the start of the tenancy the landlord could well end up footing the bill.
Since their introduction in April 2007, tenancy deposit schemes require landlords to provide evidence to justify withholding any of their tenant’s deposit for damage or cleaning costs. Inventories are a good way to record the condition of a property, and show exactly how a property looks when a tenant moves in, plus any changes that have occurred during the tenancy.
A detailed inventory can help deposit negotiations be dealt with quickly and easily at the end of a tenancy. If there is a dispute it can also be used as evidence in a tenancy deposit adjudication process.
NLA Inventories offers a simple way for landlords to detail the condition of their property and safeguard its contents. The service offers different levels of report, including options for furnished or unfurnished properties, plus photographs and an additional check in and check out report with a qualified property inspector.
David Salusbury, chairman, NLA, said: “Put simply, inventories are not an optional extra; they are just as important as getting your tenant to sign their AST, or protecting their deposit. If you want to avoid having to pay for your tenants even after they’ve moved out, taking an inventory will help.”