How Can a Property Inventory Save Landlords Money?

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It’s generally well known that a property inventory can save landlords time and money. Landlords will know the importance of the many and varied documents which come with a letting agreement. There are so many regulations and so much paperwork that landlords will often feel overwhelmed by the amount of admin.
However, one key document will assist the landlord while also providing numerous benefits to tenants too. An inventory checklist is essential, and it should be carried out before a tenant moves in.

An Independent Checklist Will Itemise the Contents of the Property

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An inventory check will list the contents of the property as well as their status. While a certain amount of wear and tear is natural and expected, items must remain in acceptable condition. This inventory check will allow both the tenant and landlord to agree on the condition. The tenant will then have the opportunity to state that they were not responsible for the damage. Furthermore, an inventory checklist is also independent, which creates harmony for both parties.

A thorough property inventory will be lengthy, but it is an essential part of the renting process nowadays. Property inventory software is available through a range of companies to enable reports to be produced simply and efficiently. Various professionals use property inventory software for peace of mind.

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Photographs Are Particularly Valuable

Some landlords, however, will carry out the inventory themselves, and it can be challenging to make the process thorough. It’s important to start from the entrance hall and move through each room. The overall cleanliness should be noted. All furniture and appliances should be listed and described. Photographs are particularly valuable.

According to Property Wire, Manchester’s property market is booming with students and professionals accounting for the rise.

However, it is easy to overlook at least one item, and it could be this which means a problem may arise. A good inventory will become legally binding, and it should be signed and dated by the parties. Landlords may choose not to process an inventory, as they may believe it is an unnecessary cost. However, it can act as an insurance policy and is worth carrying out. It can also create a harmonious relationship with the tenant or tenants, and it sets out the landlord’s expectations as to the condition in which the property should be returned.

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