How Much Does An Inventory Cost – What's in your property
Dealing with inventory is a pain. For a landlord, it is a time-consuming procedure where every item in the property has to be catalogued, photographs taken and meters read. Because of its time-intensive nature, many landlords skip taking inventory entirely, which can be a costly mistake in the long run.
So why not make life easier for yourself by booking an inventory service? You might be wondering; ‘how much does an inventory cost?’ Read on and you’ll find out.
So if you:
- Have new tenants coming in
- Require an inventory
- Need more information before getting one
Then stick with us!
What is an inventory
Put simply, it’s a report on the condition of all things on your property. This includes:
- Condition of furniture and appliances
- Meter readings (gas boilers, electric meters etc.)
- Overall cleanliness of the property
- Any existing damage to the property
Inventories are important when privately letting a property. An inventory clerk will carry out an inspection of the property, take photographs of the condition of the property, and will then provide you with a report. You can get a simple landlord inventory but you also have the option for a check-in inventory and a check-out inventory, both of which will be discussed later in this post.
Cost of inventory
The cost of an inventory service is determined by a few factors. Namely, whether the property you are letting is unfurnished or furnished and the number of ‘beds’. Bed is used both in the literal term and also to describe the number of tenants a property can house. That means, if you’re an HMO landlord, the cost of inventory is more expensive.
Take a look at our prices below as an example of what you’d expect to pay:
| Service | Unfurnished Inventory | Furnished Inventory |
|---|---|---|
| Price | Standard price | Standard price |
| 1 bed or studio | From £90 | From £100 |
| 2 bed | From £100 | From £125 |
| 3 bed | From £120 | From £155 |
| 4 bed | From £145 | From £190 |
| 5 bed | From £175 | From £230 |
Inventory check-in
Inventory check-ins are slightly different from the standard affairs of inventory taking. That’s because they are specifically for the tenants and are done before a new tenant moves in.
You can add them to a standard inventory service and there are many benefits to doing so! Namely, that it avoids any future disputes between tenants and the landlord and that the property is in tip-top condition before a tenant moves in, giving you both peace of mind.
An inventory clerk will meet with the new tenants at the address and run through the inventory with them. They will go through the condition of the property, cleanliness, and meter readings so your tenants are up to speed. Your new tenants will then receive pictures from the inventory and the keys to the property. Any changes that happened between the check-in and the actual inventory check will be included in the inventory report.
Check our prices on Check-in inventory below:
| Service | Unfurnished check-in + inventory | Furnished check-in + inventory |
|---|---|---|
| Price | Standard | Standard |
| 1 bed or studio | From £120 | From £130 |
| 2 bed | From £135 | From £155 |
| 3 bed | From £160 | From £185 |
| 4 bed | From £190 | From £220 |
| 5 bed | From £225 | From £260 |
Inventory check-out
Check-out reports can be done just before a tenant is due to move out of the property, or after they have left. They are carried out in the same way as a normal inventory check. All items in the property are catalogued, the overall cleanliness is noted and meters are read.
Once this is done, the clerk will then compare how the property was before the tenants moved into the property. This is to check whether any damage has been done to the property, whether anything has been removed by the tenants which weren’t their property, or items left by them that weren’t part of your original inventory.
If there are changes, you’ll be able to deduct from the security deposit, whether it be for removal of their property, a cleaning service booking, or for renovations following damage.
Here are our prices for check-outs:
| Service | Unfurnished check-out | Furnished check-out |
|---|---|---|
| Price | Standard | Standard |
| 1 bed or studio | From £75 | From £85 |
| 2 bed | From £90 | From £100 |
| 3 bed | From £110 | From £125 |
| 4 bed | From £125 | From £145 |
| 5 bed | From £160 | From £215 |
Need an inventory of your property?
Why not get an inventory from Fantastic Services? We will send a qualified inventory clerk to your property, regardless of how large the property is. They will carry out thorough checks of the home and will provide you with photographic evidence of the property’s condition, which you can use as evidence if there is a tenant dispute down the line.
Inventories are time-consuming but necessary, so why not save yourself the effort and allow us to take care of the problem for you?
New tenants moving in?
Get an inventory of your property today!
Takeaways
- Inventories are extensive reports on the condition of your property
- Can help prevent, or solve tenant disputes
- Check-in inventories give your tenants an exact rundown of inventory
- Check-out inventories can help make sure that tenants leave your property in a satisfactory manner.
***
We hope you found our article on the cost of inventory helpful. For any questions, please leave a comment with us below.
Image Source: Shutterstock / Andrey_Popov
