THINK THE COST OF AN INVENTORY TOO HIGH? CONSIDER THE COST OF DAMAGES AND DISPUTES.
Since the introduction of the Tenancy Deposit Scheme on 6th April 2007 it has become a requirement for Landlords to ‘prove their case’ if there are to be any deductions made from a Tenant’s deposit.
The new legislation is designed to protect Tenants and under the terms of the scheme adjudicators will review all relevant documents, including Inventory Reports, before the dispute resolution service or the courts decide how to divide deposit liabilities between Landlords and Tenants.
For Landlords, whether you let out a single property or you have a large portfolio, you need to safeguard your investment. You need to be able to prove damages or breakages have occurred during a Tenancy. The most effective way to do this and to avoid a potential dispute is to have your Tenants agree on the specific condition of your property and its contents before they begin occupancy.
This can be achieved by having an independent professionally prepared Inventory Report drawn up and then signed by your Tenants before they move in. By doing this you will be sending a clear signal to your Tenants that they will be held fully responsible for all damage, necessary repairs and renewal costs other than acceptable fair wear and tear.
When you consider the costs involved with both the purchase and maintenance of a property, plus the time and money spent on the presentation, most professional Landlords agree that a comprehensive Inventory Report is an essential tool in successful property management.
You can find further information about the Tenancy Deposit Scheme on the following websites:
The Deposit Protection Service: www.depositprotection.com
My Deposits: www.mydeposits.co.uk
The Dispute Service: www.thedisputeservice.co.uk
For further information on our Inventory services for Landlords please contact us.