A property inventory is a complete list of things that are in a property. Most often a property inventory is accompanied by a schedule of condition which elaborates on the state of the things that are listed and also the condition of the property itself. For example, a property inventory will provide you details on the contents of the property such as the various furnishings that are in it and also if they are in good or poor condition. It will also provide information on the building itself for example, how many rooms there are, the state of the windows, drains and walls. In fact a property inventory can be as comprehensive as neededto cover everything that can be considered important to a property owner.
Once completed an inventory will give a property owner a snapshot of the property state and contents on the day it is taken as a record for future reference. Most people who take property inventories are landlords and letting agents. The property inventory is the document from which a tenant and landlord use to ensure that the property is given back to the landlord in a similar condition at the termination of the tenancy. Any changes and deterioration at the end of the tenancy will be highlighted using the original inventory and enables fair compensation to be settled between the landlord and tenant for the damage caused at the tenancy end.
Producing a property inventory is not difficult but does involve attention to detail and takes a lot of time. Landlords can produce property inventories themselves but landlords that are busy or have large property portfolios often give] this time consuming task to specialist inventory companies or inventory clerks to perform this job.
When a property inventory is being done the exterior of the property and its state is documented. General notes such as the type and state of the roof, gutters and brickwork will be documented. Any junk at the property land will also be written down. Photographs will be taken to support any written paragraphs of property description and condition.
Once the exterior has been completed, the next step is to go inside the property and systematically survey the property room by room including bedrooms, hallways, reception rooms, kitchen, dining rooms, bathrooms and toilets. For each room, appropriate information about the walls, ceilings, floors, windows, lights and electrical points will be recorded. The room contents such as the presence of furniture and their number, description and condition will also be recorded. Good property inventories will contain a number of photos of each room and its contents to make visual evaluations possible.
A finished inventory will be signed by the tenant and the landlord or another independent party as confirmation of the accuracy of the inventory at the beginning of the tenancy agreement. At the end of the tenancy this inventory is used to compare the property between the beginning of the tenancy and the tenancy end so that liability for any damage or changes can be assigned and fair compensation to be arranged between the landlord and tenant.