There is no denying many landlords find it difficult to take care of their responsibilities these days. There are so many changing regulations that even if you think you are on top of matters, changes may come in leaving you unsure of what to do next. At Hunters Camberwell, we aim to assist local landlords as best we can, and we aim to offer tips that make their life easier.
When it comes to planning for the future, inventory lists are one of the most important documents a landlord has. It is also an important document for tenants. The fact that all parties benefit from an inventory list should make it an indispensable item for a tenancy agreement, but some landlords and tenants don’t bother with this list.
Both sides should see the benefits of an inventory list
There may be an element of suspicion about the list. If the landlord arranges the inventory list, the tenant may feel it will be created in the landlords’ interest, and not theirs. Conversely, if the tenant pushes for the list, the landlord may be worried as to why it is so important for the tenant.
There is also the introduction of the Tenant Fees Act, and this has affected demand for inventory lists. With landlords no longer able to pass the fee for these lists onto tenants, some landlords have decided against obtaining one. After all, landlords have a lot of costs to manage at the start of a tenancy, so saving money is of benefit, and it is natural for landlords to choose this option.
However, saving money by not obtaining an inventory list is often a short-term measure. In the long-term, the benefits and outcomes provided by having an inventory list is of significant benefit to the landlord, and to the tenant. Also, if the landlord helps the tenant to feel more confident about the property and their relationship, they benefit, so the landlord needs to consider the bigger picture.
Inventory lists help tenants receive their full deposit at the end of the tenancy
When an independent party carries out an inventory check, at the point of moving in, there are guidelines to follow. There is information which the landlord expects to see when they visit the rental property, and measures for the tenant to live up to. Of course, the tenant likely wants to receive their full deposit at the end of tenancy, and the inventory list is a brilliant asset for them. If the tenant maintains the standards listed in the inventory list, they have a strong chance of receiving their full deposit.
If you are a Camberwell landlord, and you need assistance in running your property, get in touch and we will be more than happy to help. We believe inventory lists make a massive difference when it comes to creating a strong relationship between landlords and tenants, and we highly recommend you arranging this process at the start of the tenancy. If you require further assistance, please get in touch.