New analysis from the Association of Independent Inventory Clerks (AIIC) indicates that an inventory compiled by an independent source could be helpful in saving tenants money. The AIIC is driving a campaign to raise awareness of this issue with an online petition and wants the government to make independent inventories a mandatory requirement for private rentals.
Functions
An independent inventory makes a detailed report of the state of a property at the beginning and end of the rental agreement. It is not compulsory at present, but many real estate agents and landlords use them to keep a fair record of the state of a property and to ensure that any deductions are fair and transparent. There are a number of things landlords should be aware of when letting a property to make sure the process is fair for everyone involved, with a number of useful websites providing this essential information.
Protection
An independent inventory can help to ensure that tenants conserve their funds for getting onto the property ladder. The chancellor’s decision to reduce stamp duty for buyers making their first property purpose is another step in this direction. Other changes to help tenants conserve funds for buying property include not having to pay fees upfront to letting agents; however, the full ban on letting fees for agents will not come into effect until at least spring next year. Tenants still need to conserve funds where they can, although landlords also need to be protected against careless or destructive tenants.
Property rental is becoming more complicated all the time, with more rules and regulations; however, property inventory software can streamline the process and make it simpler for landlords. If you are interested in discovering more about the options available with property inventory software, it would be a good idea to consult an expert such as https://inventorybase.co.uk/ for tips and advice.
Ultimately letting property should be done in such a way that it is fair to both landlords and tenants. Any tools that make this process simpler and more transparent will be a welcome addition for anyone involved in renting real estate. Even when the landlord prepares the inventory, the tenant should be able to approve it as a fair representation of both the property and its contents.
