Are Property Inventories Important? Here are 7 Reasons Why Tenants and Landlords

1. Are Property Inventories Important? Here are 7 Reasons Why Tenants and Landlords Need One! Before we dive right into answering the big question, let’s talk about the UK rental market today. The latest reports from the rental market sector have shown astonishing levels of demand across the UK. As a result, the UK average rent has broken the £1000 a month barrier for the first time on record. Therefore, it comes as no surprise that the number of tenants experiencing rental price increases has risen to 68%. This figure is up to five times higher than previous years, demonstrating that tenant demand is at an all-time high. During the last three months, a little under 39% of landlords reported increased tenant demand. This is the highest level recorded since 2016. This is telling of a continuing trend, as this number has continued to rise year on year. With monthly

2. mortgage payments now averaging at more than monthly rent costs, landlords have taken the opportunity to increase their rental income and put prices up. To put it clearly, prices are at an all time high, and now more than ever it would be a great idea to take all precautionary measures to protect your investments. Whether you are a tenant looking to move into rented accommodation or a landlord looking to protect your investment, a property inventory in East London is a vital document to have. While most landlords will be aware of its importance, many tenants have an aloof attitude towards them. This is a mistake, and one that can prove costly down the line. What is a property inventory? Property inventories are simply documents that report on the state of the property and its contents at the time of assessment. These assessments are carried out twice by an Inventory Clerk in London: once at the beginning of the tenancy (the inventory), and again at the end (the checkout), which is typical for inventory and check-in service in London. Many landlords are under the false notion that inventories are solely for fixtures and fittings, but the Schedule of Condition offers protection against any structural damage that may occur during the tenancy, too. Therefore, it is always prudent to have an inventory taken, even if your property is actually unfurnished. Having the two documents to hand allows both parties to see exactly how the property has changed across the duration of the tenancy. The checkout report will detail any areas of attention that need highlighting, and these will usually be segmented into ‘landlord’ and ‘tenant’ sections to determine who is responsible for what. 7 Reasons why both landlord and tenants need a property inventory: 1. Conducting an inventory will give both parties an accurate assessment of the current state of the property. 2. The property inventory will highlight any areas that need addressing and stipulate exactly who is responsible for their repair. 3. Having the document to hand will assist tenants on exactly how the property should be returned to the landlord and provide a guideline as to how the home should be maintained.

3. 4. Inventories easily distinguish between damage and fair wear and tear. 5. Property inventories help protect both the landlord’s investment and the tenant’s deposit. 6. Conducting a thorough inventory lessens the chances of disputes arising once the tenancy has run its course. 7. Should a dispute arise, however, having an inventory in place will help ensure the right result is reached. To answer the question, yes, property inventory is of high importance! For both tenants and landlords doing business during a time when prices are through the roof, it would be in their best interest to set aside a budget for this service that will protect deposits and investments in rental properties. Content Source : Property Inventory In East London