When renting out a property, both landlords and tenants want to ensure that everything is in order. This is where a rental building inventory comes into play. This detailed document records the contents and condition of a rental property before a tenant moves in and when they move out.
Its primary purpose is to protect both landlords and tenants by providing a clear record of the property’s condition at specific points in time, enabling them to determine if any damage or changes occurred during the tenancy.
What is Rental Building Inventory?
A rental building inventory is a comprehensive document that lists all the items and the condition of the property at the beginning and end of a tenancy. It includes details such as the furniture, appliances, fixtures, and fittings in the property, as well as any existing damage or wear and tear.
This document serves as a reference point for both landlords and tenants to refer to in case of any disputes regarding the property’s condition.
Why is Rental Building Inventory Important?
The rental building inventory is important for several reasons.
- Firstly, it helps to protect both landlords and tenants by providing a clear record of the property’s condition at specific points in time. This can help to avoid disputes over damage or changes that occurred during the tenancy.
- Secondly, it can be used as evidence in case of legal disputes or claims for damages.
- Finally, having a detailed inventory can also help landlords to assess the condition of the property and determine if any repairs or maintenance work is needed.
How to Create a Rental Building Inventory
Creating a rental building inventory is a straightforward process that involves documenting the contents and condition of the property. Here are some steps to help you create an effective inventory:
- Start by listing all the items in the property: Make a comprehensive list of all the furniture, appliances, fixtures, and fittings in the property.
- Describe the condition of each item: Note down the condition of each item, including any existing damage or wear and tear.
- Take photos or videos: Document the condition of the property by taking photos or videos of each room and item.
- Include details of the tenancy: Note down the date the tenancy started, the names of the landlord and tenant, and any other relevant details.
- Sign and date the inventory: Both the landlord and tenant should sign and date the inventory to acknowledge its accuracy.
Examples of Rental Building Inventories
Tips for Successful Rental Building Inventory
Creating a successful rental building inventory requires attention to detail and thorough documentation. Here are some tips to help you create an effective inventory:
- Be thorough: Take the time to document every item in the property and note down its condition accurately.
- Use photos or videos: Visual evidence can help to support your inventory and provide a clear record of the property’s condition.
- Update the inventory regularly: Make sure to update the inventory at the beginning and end of each tenancy to reflect any changes or damages.
- Keep a copy for your records: It is important to keep a copy of the inventory for your records in case of any disputes or claims.
Rental Building Inventory Worksheet Template – Download
