LL top tip - Why do i need an inventory?

An inventory is an essential document that provides a written and/or photographic record that details the fixtures and fittings of a property and their condition as well as the condition of the property itself. This must be updated, amended and recreated and the beginning of each new tenancy.
Since the introduction of the Tenant Deposit Scheme in April 2007 the importance for an accurate inventory has never been more important.
One of the main features of the scheme is to resolve disputes relating to the amount of deposit to be returned to the tenant, the inventory will play the main role in this process. An inventory is your evidence but also gives the tenant peace of mind when they move in.
At the end of the tenancy if there is a dispute then the independent adjudicator will look at the inventory , check in and check out to make help make his / her decision. A good inventory will speed this process up and keep costs down. Without an inventory there is no way of proving any dilapidation, this could cost £1000s in worst case scenarios.
Many experienced landlords may tell you they never take a deposit and have never had a need for an inventory, but generally these properties will be hard to rent out to quality tenants as it sends an unprofessional message to the tenant plus these landlords most likely have higher maintenance costs than those that use deposits and inventories.One day they will get a poor tenant that damages the property and they will not have any way to recoup the losses.
In summary tenants expect to pay a deposit, they want an inventory for their peace of mind and it helps landlords gain a better return on their property in the long term.