The Biggest Threat To Your Property (That Is Often Overlooked)
- Posted by Luscombe & Co in blog, Tips & Advice
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At the moment, everyone is probably thinking: Brexit. But we’ve learned that the devil is often in the detail. One of the biggest threats to your property when it comes to letting? INVENTORIES.
The days where an inventory was simply about two sofa cushions vs one are long gone. Inventories are there to protect you against hefty fines or even criminal prosecution.
We’ve compiled a list of reasons why you really should be taking inventories seriously, BEFORE you put your property out on the market. We’ve also compiled a free downloadable Inventory Checklist that you can print and use for your property here in Newport.
Inventories Are Used As Evidence Of Legal Compliance
There has to be a working smoke alarm and all electrical appliances must be certified, otherwise you’re renting out your property illegally. Add photos of all this to your inventory to protect you in case of an incident.
Physical Evidence Is Required To Claim Under Landlords’ Insurance Policies
If your inventory is clearly set out with the supporting photos, it will make the claim process much easier.
Please The Taxman
Since 2016, you can’t claim for wear and tear, only for broken goods. This means that your inventory must be rigorous and detailed with supporting photographs, date stamped. Then it will have a chance of standing up against HMRC scrutiny. Without evidence, claims may be disputed.
The Tenants Will Look After Your Property Like It’s Their Own
An inventory protects both landlord and tenant. Putting this in place at the beginning of a tenancy gets the working relationship between the two parties off to a good start.
*Note: Remember, an inventory should be renewed with each new tenancy or when new items are added to your property.
Not sure where to find a proper inventory? Why not download our FREE Property Inventory Checklist here?
We’re happy to help if you have any questions, phone us on 01633 265222