The Importance of Inventory Reports

What is an inventory, an inventory is a complete report of the furniture, assets and upgrade or renovating status of the real estate property on the day you moved in or out. It will give account of every single area, room and space in the property, giving full information of every dent, scratch, imperfection, stain and damage on the furniture if any. Some items are listed individually due to their uniqueness, such as kitchenware, tea sets, dinner plates and so on. Some landlords prefer to make the inventory reports by themselves; others favor using property inventory service to put together the list. For the service of compiling a Property inventory London city has a great variety of professional companies.

We will now explain the different variety of inventory reports.

-    Conditional report: People often are confused about the difference of a full inventory and a conditional one. The main difference is that a conditional report has fewer details and will give a basic idea about the condition of the property.
-    Check in and check out report: The check in report allows the tenants to get to know the condition of the items, furniture and assets before signing a rental contract. Vice versa the check out report gives the opportunity to the owner of the property to see and evaluate the condition of his belongings before the expiration of a tenancy.
-    Interim report: In this case a property inventory is being compiled at a regular basis. So that both parties are informed if any changes have occurred since the check in report.

It is vital for both parties to read thoroughly the various reports. Once signed these reports, form a legal basis for any deposit deductions, loss and damage penalties. They will also serve as evidence during a property dispute. Those reports also prevent one or both parties from fraud at the end of the tenancy relations. They prevent the risk one of the parties to have unreasonable claims against the other. If the property owner hasn’t compiled an item inventory list it is advisable that the tenant should make one himself and request the landlord to sign it. You’ll never know what kind of person you’ll encounter in the face of your landlord or tenant so take some precautions for a risk free tenancy.