Neglecting to make an inventory puts landlords at financial risk

The Association of Independent Inventory Clerks (AIIC) has highlighted that landlords are increasingly neglecting to take an inventory before they rent a property, potentially leaving themselves open to financial risk.

Although its tempting to skip costs such as making an inventory to save some cash, landlords who do not put the right processes in place could end up accruing higher unnecessary costs.

The AIIC argues that although inventories are not yet compulsory in the property industry, they are a necessary protective measure that the lettings industry ought to rely on and get professionally done.

Inventories allow letting agents and landlords to keep a close eye on every aspect of their property investment. Without a proper inventory, which should be considered an essential record of the state of the property and its contents, landlords have no financial safeguard at the end of a lease.

Too often landlords underestimate the skill that is required to carry out an inventory. They end up missing out vital details and the inventory does not protect them. Without the essential inventory training and experience landlords are unable to conduct an accurate and in-depth inventory, and so by doing the inventory themselves - or even not at all - it can cost them more in the future.

When you have a robust inventory, you will know exactly how the property was at the start of the tenancy and an unbiased comparison of how it is at the end can be made. In contrast, an inaccurate inventory is unlikely to protect any party should a court ruling be required.

When deposit disputes arise, landlords must successfully prove that losses and damage occurred during the tenancy to recover any costs. A professional inventory with accurate descriptions and time and date stamped photographs will support this. Professional inventories can help landlords remain confident even when a deposit dispute arises. With a detailed record of the walls, floor, fixtures, fittings, and any items in the property any dispute is likely to favour the landlord.

During a time where rental reforms are a top priority, and with Government legislation on the horizon, landlords need to ensure their lettings properties meet the industry standard more than ever.

If you have any questions about inventories or would like us to provide a professional inventory for your rental property, please contact us on 0161 511 5339 or complete our contact form.