An inventory is a list of all items in the rental property along with their exact condition. The inventory is sometimes also referred to as “schedule of condition”. Landlord’s inventories are essential to check for any damage caused during the tenancy period. Not only this, an inventory also comes in handy in case you need to make an insurance claim for property damage due to fire, flood etc.
It is best to understand the renter’s perspective and note down the problem areas in the inventory before they move in. Consider spending some money in undertaking the requisite repair and upgradation work. Make a positive impact so that when potential renters come in to view your property for the first time, they get attracted towards it immediately.
Some simple tips and suggestions can help you create the perfect rental home inventory. Read on:
- List all the items: Note down the items present in your property and also mention their present condition. It is imperative to jot down the condition of not only the movable items but also the non-movable ones such as floors, walls, doors, windows etc.
- Click lots of pictures: Take photographs of your rental home items as this will help you to compare the condition at the end of the tenancy period. You can even go a step ahead and make video inventories as they are a more reliable proof.
- Describe ‘wear and tear’: Since you will have tenants come over to reside in your property, it is bound to experience wear and tear. For instance, the paint may fade, appliances may be used,, carpets may become dull and so on. Therefore, you need to clearly mention in the inventory list the extent of wear and tear that is acceptable. This will avoid any disagreement with the tenants later on.
- Get a third-party witness: Having a third-party witness for your inventory can make it even more reliable. You may have a professional real estate agent or an inventory conductor as the witness. This will be of great help to support your inventory once the tenancy period comes to an end.
- Get it duly signed: An inventory is an important document like the lease agreement. So, it needs to be duly signed by you, the tenant and third-party witness as well. Without signatures the inventory does not hold any relevance in the eyes of the law.
For more information, contact Lone Star Realty & Property Management, Inc. We are located at 1020 W Jasper Drive, Killeen, TX 76542. You can also call us at (254) 699 – 7003.