5 KEY REASONS WHY YOU SHOULD HAVE AN INDEPENDENTLY PREPARED INVENTORY
- It shields tenants’ deposits, as long as they hand back the property in a similar condition
- It helps identify fair wear and tear and responsibility of either the landlord or tenant to attend to agreed discrepancies
- It helps with the ongoing maintenance and general upkeep of the property throughout the tenancy period
- It clearly sets out the state of the condition, cleanliness, and content of the property at the beginning and end of the tenancy
- It provides an evidence-based approach to restore the property to its former condition, given allowances for fair wear and tear
David Cox, Chief Executive at Propertymark said:
“The Tenant Fees ban will have a profound impact on the whole industry, but the sector must not underestimate the importance of a thorough inventory.
They provide certainty for all involved, add clarity at the end of a tenancy, and help resolve disputes. In the new world after the tenant fee ban comes in agents will need to take an evidence-based approach to default fees, damages, and disputes.
Only by ensuring that an inventory took place can agents protect their clients’ investments and reduce costs in the long-run”