What is it?
Property inventory report compiles the information about the rental property condition before, during, and after the tenancy. The description of the condition is explained in writing, such as “good condition” or in photos such as possible cracks in the walls.
Why do I need it?
The property inventories are created to protect the landlord and the tenant from maintaining the transparency of the deposit payment returns. With the property inventories, both the landlord and tenant can view in what condition the property was before the tenancy agreement and after it so that the returned deposit sum is correct and in line with the possible damage of the property.
The property inventory report is also important in relation to meter readings so that the tenant will not be paying for someone else’s electricity or gas usage or that the correct utility numbers are reported to the landlord and they will not end up paying tenants’ gas or electricity.
Before, during and after the tenancy.
It is good to make a property inventory report right before the tenant moves in. The report should state clearly if there are any issues with the condition of the flat before the tenancy agreement starts. It is recommended that the tenant approves and signs the report as well.
Some landlords also conduct the property inventory reports during the tenancy agreement to check the property's condition. This makes it possible to compare it with the created “before” report. In this case, the landlord is required to give a notice 24 hours before entering the property.
Lastly, after the tenant has moved out, the landlord often conducts the report and compare the “before”, “during”, and “after” reports with each other to notice any new significant damage in the property. The landlord can prove whether the tenant has treated the property right and if the landlord should return the whole deposit sum. At the same time, with these reports, the tenant can prove if they have not done any damage to the property, and therefore, the landlord is required to return the entire deposit.
In Cloud Estates, we will manage the property and take care of the property inventory report for you.
Contact us for more information and get a free valuation of your property today!
