Maximizing your property's potential: 8 expert tips for crafting a comprehensive property Inventory

As a property owner, maintaining an accurate and comprehensive inventory is essential for ensuring the smooth operation and management of your rental property. Not only does an inventory help protect your assets and hold tenants accountable for damages, but it also serves as a useful reference for tracking repairs and maintenance.

In this article, we will provide you with 8 expert tips for crafting a thorough and effective inventory for your property. By following these guidelines, you can maximize your property's potential and streamline your property management process. So, whether you are a seasoned landlord or new to the game, these tips will help you create an inventory that is comprehensive, organized, and most importantly, effective at safeguarding your property.

Here are some easy steps you can follow to carry out a property inventory:

# Tip 1 - The more photos you capture, the better

Take many photographs of the property and its contents, including any furniture, appliances, and decorations. Aim to capture all the surface and extra photos of any defects you spot.

# Tip 2 - Solid listing

Make a written list of all the items in the property, including their make, model, and serial number if possible (in particular for appliances or any white goods).

# Tip 3 - Accurate condition assessment

Inspect each item carefully and make a note of its condition. This is your only opportunity to record an item's condition and your notes will be used to compare the condition of the time at the end of the tenancy. Look for any damage or wear and tear, and make sure to include this in the inventory.

# Tip 4 - Report any faults before a move-in

If there are any items that are not in good condition, consider whether they need to be repaired or replaced before the tenancy begins. This will help delivering a smooth move-in and will also ensure the property is compliant with safety requirements.

# Tip 5 - Don't forget the outdoors

Make sure to include any outdoor spaces and facilities, such as a garden or a garage, in the inventory. The cost of fixing an overgrown garden is widely disregarded but it can become a real point of conflict between a landlord and a tenant.

# Tip 6 - Meter reading and keys

It is important to carefully record the meter readings and any keys that are given to the tenant before they move in. This helps ensure that the appropriate party is responsible for their costs and possessions. These details should be included in the inventory as they are essential for keeping track of these items and holding the correct party accountable.

# Tip 7 - Amendments are important

Leave your tenant a voice. They may pick up on something you won't and will want to document it on the report. Tenants also have a responsibility in reviewing the inventory created and agreeing with its content. If they belive something should be amended, consider their point of view and decide together of what you can both agree to amend.

# Tip 8 - Signed report

It is important for both the landlord and tenant to thoroughly review and sign the inventory once it is completed. Both parties should keep a copy for their own records. If the tenant wishes to make any changes or amendments to the inventory, the landlord should consider the request and ask the tenant to provide a reason for the proposed addition. It is essential that the inventory is acceptable to both parties and that it is signed to ensure accountability for both the landlord and tenant.

Be as thorough as possible when carrying out a property inventory, as this will help to avoid any disputes later on or contract a professional inventory company like hihouse to help you get the job done.

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