C&G Wise Words | The Importance of Condition Reports
A condition report is one of the most vital documents you will complete, regardless of whether you’re a landlord or a tenant. Today on the blog, C&G share why condition reports are so important, offering tips that will ensure both parties are protected.
A property condition report is an extremely important document, acting as a true record of the condition of a leased premises at the beginning of tenancy. As a landlord, it is important to protect your investment by providing a detailed condition report for your tenant, so the property’s condition can be agreed on by both parties. However, it’s not just a case of ticking a few boxes – care and time must be taken to describe the condition of all fixtures and fittings.
Landlords sometimes feel that if they manage their own property, they will save money – after all, how tricky could it be? Word to the wise: tricky is just the beginning of it. Always use an experienced property manager, who (amongst many other things) will complete your property’s condition report to an exacting standard - saving you both time and money when it comes to the conclusion of the tenancy. The Chisholm and Gamon property management team have systems in place to help protect you from unnecessary disputes or problems that may arise, thanks in great part to their thorough and detailed condition reports.
It’s not enough to simply ‘tick off’ that everything is clean, working and undamaged – you will need to include fine detail like the condition of carpets/floorboards and walls in every space in addition to providing numerous photographs and full descriptions of all fittings and appliances (including their make and model). Failing to adequately describe the property’s condition could lead to a possible financial loss for you as the property owner. The more detailed your condition report is, the easier it will be to resolve any disputes that may arise at the end of your tenancy should damage have been done to your investment.
As a tenant, you are required to leave the premise in the same condition (allowing for fair wear and tear) as it was at the commencement of your tenancy. When presented with the property condition report, it’s equally important for you to check it (and the property) thoroughly, noting whether you agree with the assessment. This is your chance to tell the landlord of any discrepancies you notice, otherwise you may be liable for reparations at the conclusion of your lease. It’s also advisable to return your condition report it in a timely fashion, usually within a 2 business days of assuming tenancy.
Taking the time to have a detailed property condition report right from the start of a tenancy ensures both parties are in accord, protected and happy.