RENTING OUT YOUR PROPERTY – DON’T GET STUNG!

Professional independent compiled inventories can save a lot of money for landlords.

This is the message from the Association of Independent Inventory Clerks which warns that the next two years could be costly for landlords thanks to mortgage interest tax relief being restricted from this April and possibly higher management costs if letting agents’ fees on tenants in England are banned, as expected, from some point in 2018.

"It's clear that while the private rental sector remains a strong investment option - with high tenant demand and the opportunity to generate strong yields - government intervention in recent years has made the prospect of being a landlord more expensive," says AIIC chair Patricia Barber.

She says that this is why it is important that landlords make sure they are covered when it comes to potential property damage caused by tenants. She reminds landlords - and letting agents acting on behalf of landlord clients - that at the end of a tenancy a professionally compiled inventory helps confirm the condition of a rental property and subsequently makes clear any deposit deductions that need to be made.

Those without a comprehensive inventory available at the end of a tenancy could therefore make it extremely difficult for themselves to claim back funds for damages and lost items. “During a period when letting property is becoming more complicated, not providing an inventory could prove damaging to the landlord's investment," Barber concludes.

So the message is clear. When you’re renting out a property make sure you cover every aspect correctly. A good Letting Agent will automatically do this for you.