Two tenants are staying one is changing. I’ll need to return the leaving tenant’s deposit, and it seems a good moment to check the property’s condition and sort any deposit deductions (if any) to avoid disputes about which tenancy damage happened in.
Money is a little tight and I’m wondering if my fellow landlords would recommend:
(1) ONLY buying a check out (£120 as furnished with 3 bedrooms) and whether this exit inventory could function as a check in inventory to refer to when the new combination of tenants leave).
(2) Or whether that sounds a bit dodgy, won’t stand up if there is a dispute, and I’d better bite the bullet and pay for both a Check Out (£120) and a new Inventory (another £120)?
The check out usually looks at the check in inventory and lists any issues that weren’t there when your tenant moved in. Any discrepancy minus wear and tear is usually what you would use to work out deposit deductions. A check out will also take not of property meter reads.
The inventory is usually used when a new tenant moves in. It’s basically a condition report that that gets signed by the landlord and new tenant. This also usually includes move in meter reads. I always do a new inventory for new tenants and check out when they leave.
If you have signed inventory when tenants move in and a check out report when they move out your safe if you need to make deposit deductions