After the deposit has been collected and put into a Tenancy Deposit Protection scheme, it is time to prepare an inventory and schedule of condition for the property. These steps have the potential of preventing a lot of headaches in the future should something go wrong so make sure you take action on this.
This also applies to unfurnished properties as well as those that are furnished. On the day the tenant moves in, you will need to go through the inventory with them and get them to sign off each page. The inventory should cover all items that can be removed from the property, could be damaged and would cost money or time to replace or repair.
It is important that the condition of the property and its contents is recorded. Any existing wear and tear or damage should be carefully recorded with both parties present, to make sure that any further deterioration or damage can be compared and be compensated for if needed in the future. Taking photos of pertinent areas of the property and items of furniture to show their current condition is a good idea. No matter how friendly and responsible your new tenants seem, who knows what might happen during the course of their tenancy so make sure there is no room for argument and disagreement by recording as much as you can.
Don’t overlook this part of the process or you will have no comeback should a dispute arise at a later date.
In the next blog I will cover another very important document that you will need to draw up and supply when the tenants move in.
These documents might seem very formal and a lot of hassle but the short amount of time they will take to complete could save you a massive amount of time and energy, not to mention money, in the future.