Owning an investment property can be an extremely lucrative affair, even more so if you have good tenants who take great care of your property. However, owning a furnished apartment is a completely different kettle of fish altogether as it can become rather tricky. If managed correctly and effectively, it can also be lucrative but it is much more difficult to get right.
Nowadays, with the advent of a fantastic range of property inspection apps, conducting a property inventory inspection has become a piece of cake. For landlords, the first step is always selecting the correct tenants. After this, if the landlord has a good property inspection app, the rest is a walk in the park.
Uploading the apartment’s inventory to the inspection app only needs to take place once. If there are additions or amendments, changes to the inventory list can then be made.
Before a new tenant moves in, the landlord will conduct a pre-move in inspection, making an inventory inspection and checking the condition of the apartment or property. Aspects such as the condition of the drapes, carpets, furniture etc. should be checked and noted. Photographs should also be taken and uploaded to the app. When the tenant moves in, he should check this list and sign it.
Regular inspections can be conducted by the landlord to verify the condition of the property and any notes or photographs should then be uploaded to the inspection app.
Whenever a tenant moves out, another inspection must be conduction in addition to a property inventory inspection. Any discrepancies will then be noted and documented into a report. Obviously any action to be taken would be decided upon by the landlord and tenant.
Property inventory inspections have been made easier in recent years much to the delight of landlords and tenants everywhere!