What is an Inventory and Schedule of Condition
The Inventory details the condition of all items provided, and the condition of the rental property at the start of the tenancy agreement.
The Inventory/Schedule of Condition should detail the fixtures and fittings and describes their condition and the condition of the property generally. Landlord's and tenant's often share the costs involved in preparing and checking the inventory; such costs should be seen as a necessary investment that helps protect the interests of both landlord and tenant (normally part of the tenants administration fee and/or the landlords let fee). The inventory will also have meter readings and possibly photos of various items provided in the property. It could also be done between the landlord and tenant themselves without incurring any cost, but we must give word of warning that unless the inventory is very details regarding the condition of the property and the items in the property, it might be best to get a professional to do it. This is often one of the best reason's to choose an agent that is managing the rental property on an ongoing basis, as they should prepare a professional inventory at the start of the tenancy.
The inventory really comes into its use at the end of the tenancy when you want your deposit returned by allowing one to compare the original condition of the propert, in the inventory with the condition of the property at the end. Please note that you may have been renting the property for a number of years and your memory will have faded. This document will then form the basis for making sure your not charged for damage, or for things that weren't at the property in the first place. You should consider the inventory as of equal importance to the tenancy agreement.