What is an inventory of contents?
An inventory is a catalogue of the property, its contents and their condition.
Why is it important?
The most common cause of disputes between landlord and tenants relates to the retention of deposits relating to damage and wear and tear. Therefore it is more important than ever to have a carefully prepared inventory at the beginning of the tenancy so that you have an accurate record of the properties condition (see link to inventory). This will help to prevent disputes at the end of the tenancy in relation to the condition of the property and its contents.
Carrying out a proper inventory of a property takes time. The good news is that having carried out the inventory process once, it should be easier and quicker the next time.
How to prepare an inventory
The most essential thing about preparing an inventory is to adopt a system that is simple so that it is easily remembered and replicated. This will ensure that the landlord achieves consistent results. In developing your system ensure that the inventory it produces is logical and easy to follow.
The inventory should be completed room by room, noting the exact contents of the room and their condition. Record the condition of walls, floors, curtains etc. Note any damage or indeed any items that are new e.g. new curtains.
Having an accurate record of the contents and their condition is very useful if a dispute arises months down the road. It is also a good idea to take lots of pictures with a digital camera.
As part of the ‘moving in process’ walk around the property room by room with the tenant and agree the contents and their condition. Make sure to get the tenant to check and sign the inventory list.
Top Tip: Keep a standard copy of the inventory for each investment property – at the next tenancy you only need to add / and or delete items that you have replaced in the property.
http://www.irishlandlord.com/index.aspx?page=infocentre_articles&category=Letting+&+Managing