Renting Property in the UK
If you are renting out property in the UK then there are quite a number of things that you need to do and rules that you need to comply with before you can rent out your house or your buy to let property.
Although you do not actually have to have a property inventory carried out, it is a good idea to do so to protect not only yourself but also the tenant.
If you have a letting agent managing your property then they will likely either have a company that will carry out the property inventory for you or be able to do it themselves. However, this can be quite expensive and can cost in the region of around £100 or more to carry out a property inventory when the tenant moves in.
If you are looking to maximise your profit then it is possible to carry out your owncheap property inventory.
Why Do You Need A Property Inventory?
Under the current rules you must place the tenants deposit in a registered deposit scheme. Under the rules of this scheme, if you want to claim back any money from the tenant after they have vacated the property, for example if they have caused any damage or removed any of your property, then you must have proof of why you want to claim the money from them.
The best way to do this is to have a fully completed property inventory that is signed off by both the landlord and the tenant when the tenant moves in.
Not only should the property inventory include any property, fixtures and fittings etc that are left in the property, it should also include a condition report stating (preferably with pictures) the condition of the property in the event of any dispute about damage.
Cheap Property Inventory
So, if you want to save some money then you can do the property inventory yourself. However, it is good to go through a standard format to make sure that you cover everything that you need to and make the property inventory thorough and one that will stand up to any queries that may arise when the tenant vacates.
So you can find a cheap property inventory at shops like WH Smith. They have them available for around £20 together with other forms for landlords. Or you can find them for less than £10 on Amazon. There are currently a couple on offer so check out this cheap property inventory for starters. It includes templates for the property inventory plus guidance notes for the correct way of completing that and the statement of condition of the property.
