Landlords told to turn to residential lettings agents for comprehensive inventories
With tenants now looking to stay in rented properties for longer than ever, landlords have been urged to make sure they get everything right first time around or risk facing significant costs down the line.
Buy-to-let insurance can help safeguard against damage caused to properties, but with longer tenancies likely to result in greater wear and tear damage, landlords and tenants need to make sure they agree upon the condition of the property at the beginning of the tenancy.
This is why it is so important to have a proper inventory in place, and landlords have been advised to seek the services of licensed residential lettings agents to ensure the document is comprehensive.
According to the Association of Residential Letting Agents, the average length of tenancy across the UK has increased by 17 per cent in the past two years, from 16.5 months in 2009 to 19.3 months in 2011.
Ian Potter, operations manager at ARLA, said that this is likely a reaction to "tough financial times", which have served to reduce the mobility of the average tenant.
But with this in mind, it is even more important – for tenants, as well as landlords – that there is a comprehensive and agreed upon inventory in place at the beginning of each new letting.
Mr Potter explained: "This increase in the length of tenancies will inevitably lead to greater wear and tear in rented accommodation and fewer opportunities for 'downtime' between tenancies for landlords to make improvements.
"Landlords and tenants alike should remember that disputes over deposit returns can be one of the biggest headaches facing both parties, but these can be easily avoided if a professional inventory is prepared."
For renters as well, it is a good idea to ensure that inventories include details on the condition of items in the property, so that it will be easier to come to a consensus on what can be put down to wear and tear at the end of a longer tenancy agreement.
Social media