What is an inventory?

The Inventory is a listing of all the contents of a property and a record of the condition of the property itself and each item with in. It’s also referred to as a “schedule of condition“. It allows us, as Managing Agents, to monitor the condition of the property and its' contents before a tenant moves in and just before a tenant leaves, so it can be made clear what damages, if any, need to be paid for.

We always conduct the inventory ourselves and never use a third party inventory company. We believe this is the only way to accurately monitor the condition of the property. A well prepared inventory can prevent a lot of disputes between tenants and landlords, and is an essential part of the agreement between them.

When Should the inventory be cross-checked?

We will undertake regular inspections during the tenancy and as part of this record and compare against the inventory, the condition of the property. A full check of the property and contents is completed at the end of the tenancy and agreed with the tenant before all, or any part of the deposit is returned.

What happens if items have been damaged?

If there’s a general consensus between the parties on what has been damaged, then estimates should be drawn up for repairs/replacements. The tenant will be informed of all the costs in writing and amounts of any deductions from the deposit.

If the deposit doesn’t cover the amount needed to carry out the repairs, an invoice itemising all costs involved for additional payments should be sent to the tenant. If the tenant is insured, this evidence should be provided for the insurance company.

If items need to be replaced then it’s the landlords obligation to consider betterment. This means that the original age and condition of the replaced item should be taken into account when estimating the replacement cost.

What if the parties Cannot Agree?

If the parties cannot reach agreement as to which items have been damaged, the severity of the damage, the repair or replacement costs etc, then great care should be taken in:

• recording the state and condition with photographs
• obtaining estimates and repair or replacement costs
• informing the tenant/landlord in writing

Disputes over these matters may eventually need to be solved through arbitration by a third party – most usually, the Small Claims Court.

Is an Inventory needed for an unfurnished property?

The Short answer is yes. Even if a property is deemed as unfurnished, there will still be items that can be damaged and costly to replace e.g sinks, carpets, condition of walls etc. Consequently, it is still crucial to have a detailed inventory.