New figures released by the Tenancy Deposit Scheme has revealed that property damage is becoming more and more of an issue for buy-to-let landlords and agents.
This problem now accounts for 52% of all deposit disputes and has seen a rise of 29% over the last four years.
Out of pocket
Imfuna, developer of inventory app Imfuna Let, says that this issue is leaving a growing number of buy-to-let investors out of pocket.
As a source of prevention against ongoing property damage, landlords must conduct regular inspections throughout the tenancy. A thorough inventory is also vitally important.
Jax Kneppers, founder and CEO of Imfuna, notes: ‘It is so important for landlords and agents to make regular property inspections so that they can identify problem tenants early. Even if tenants have been thoroughly vetted before taking the property on, it is still vitally important to record the condition of the property before the tenancy begins.’
Inspections are vital in highlighting any issues and openly sorting out how they are going to be resolved. In addition, regular inspections can help landlords assess how the condition of the property has differed from the date the tenants have moved in.
This will not only help investors discover problems, but will also save them claiming on their landlord insurance.
Howard Lester, Director of Balgores Property Group, said: ‘We conduct regular inspections on the properties we manage for landlords and have found it has reduced the number of tenant disputes by 42%. Pet damage is a growing problem and we have been able to quickly identify tenants that are breaking the terms of their lease by thorough regular inspections.’
‘It is also important to ensure that tenants are present at check-out. This will help resolve any potential dispute, as the tenants can be shown pictures of the property’s condition at the start and end of the tenancy,’ Lester concluded.