These independent reports are required to provide absentee owners and investors peace of mind, knowing that their property is being cared for by the tenants. These reports are not intended to replace the role of building inspectors, who locate all the major structural issues and defects in the building, or pest inspectors, who detect termites and other pests and mitigate their risk. Rental Property Condition Reports are intended to detail the condition of the structures and fixtures and fittings to ensure the property is being cared for by the tenants in accordance with the lease. They are also intended to highlight any apparent:-
- significant items of property maintenance that require attention
- any tenant alterations, structural changes or work prohibited by law that have been undertaken without consent
- any work undertaken by the tenant that is not consistent with the nature of the property
- any tenant installed fixtures, altered locks or security devices
- any subletting or tourist use of the property
- any storage of unwanted goods or hazardous materials
- any partial commercial or industrial use by the tenant.
Detailed Condition Reports prior to the tenancy are more likely to encourage tenants to take better care of the property and return the property in the same condition as when they commenced the tenancy. They minimise disputes with tenants because the condition of the property is fully documented prior to the tenancy with photographic evidence. Independent Condition Reports also reduce bond claims and costly Tribunal hearings.
Several photos are included with the report to show the condition of the property and any notable issues that require maintenance or attention. Internal photos of the kitchen and bathroom are included and other internal photos are provided when it is not overly invasive of the privacy of the tenant.
If the property is vacant prior to tenancy, extensive photographs will be included.
Subsequent regular independent inspections and reviews can be undertaken at a reduced fee.
Independent Rental Property Condition Reports are sought after by organizations providing Landlord Residential Property Insurance because they provide documented evidence of the condition of the property and highlight issues affecting the property before the situation escalates into a substantial claim.
In tourist areas, Rental Property Condition Reports also include a check of relevant holiday letting and short stay websites to ensure that properties that have been leased on a permanent basis are not being sublet in a clandestine manner for holiday lettings or short term accommodation.
Rental Property Condition Reports are tax deductible if the property is generating rental income. See your accountant or financial advisor for further details.
The aforementioned information is only general in nature and it is not intended to constitute professional or legal advice. Please contact your accountant, solicitor, financial advisor or relevant government authority for specific advice relating to your situation. See Disclaimer.
Innovative Thinking… Traditional Ethics
25 years local valuation experience