A property inventory is a record of items that are in your property. It is important for landlords because the property inventory is the document from which a landlord can refer, to check whether anything in their property has gone missing or have deteriorated in condition when a tenant is about to vacate the property.
Usually, a property inventory is recorded at the beginning of a new tenancy which lists all the landlord’s items in the property. A schedule of condition typically forms part of the property inventory which gives a record of the condition of the building itself as well as the condition of the contents that are in the property. When done correctly, a property inventory will give an accurate and comprehensive snapshot of the condition and contents of the property when it is let to a new tenant at the beginning of a tenancy.