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Do you need to download a Landlord Inventory on-line now? Why is it so important to have a Landlord Inventory?
Firstly, if you are a landlord, you need to be prepared. As much as we all like to think we can trust everyone, it is very important that buy to let landlords protect their investment property as thoroughly as possible. Having a landlord inventory in place will protect you against unnecessary costs and ensure that you are maximizing your profit at all times. For example; if your teaspoons kept going missing and the curtains kept leaving the poles when the tenants vacated, this could start to add up.
Imagine if you had freshly decorated the buy to let property in a very neutral magnolia colour throughout to discover that your tenants had become creative one day and turned their hand to a bit of decorating to brighten the place up! Not only will this cost you in paint, but could potentially lose you income on rent whilst you are having to leave the investment property empty whilst it is being redecorated. And most importantly how can you prove that the property was that colour or condition in the first place? You could take some digital photographs but it is a lot simpler to purchase a Comprehensive Landlord Inventory.
Don’t try and manage with a basic landlord inventory because this could have an effect on your profit and loss. Purchase a comprehensive landlord inventory which covers every eventuality. Get this done as soon as possible. You can download a Comprehensive Landlord inventory on-line now and make sure your buy to let is property protected.
• Purchase a comprehensive Landlord Inventory which includes everything including the colour, condition of walls, ceilings, doors, joinery, windows,fixtures & fittings etc and get it signed so you can prove damages when the tenant vacates. The more detail the better, even include the colour of light switches and door handles and what they are made of. Imagine if you had got luxury contemporary fittings to discover that your tenant had replaced them with basic white plastic fittings instead. Include comments like “carpets have just been professionally cleaned” or “walls are freshly painted” . These will also help to prevent disputes when the tenant is vacating the buy to let property.
• Ensure that you arrange a leaving inspection and make sure the tenant is present – get them to sign to agree to any damages and/or required repairs.
• Complete utilities meter checks and ensure the incoming/vacating tenant signs to confirm meter readings.
• Inform the utilities companies and local authorities in writing of incoming/outgoing tenants and any applicable meter readings
Learn more about buy to let and how you can start your buy to let property portfolio.
About the Author
Jennifer Tweed is the founder of buytolet4sale.com, one of the UK's first property portals dedicated to all types of investment property for sale and everything you should need for your sale and purchase. Learn more about buy to let
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