Do you own rental property? What can you do to protect your property?
Keep a digital inventory of your property.
Don’t let this happen to you…
You rent out an apartment to a family. Before they move in you update everything. New wood floors, new refrigerator ,new dryer… everything. A year or two go by and you have to make a repair on the kitchen sink. Suddenly you realize the
oven that you installed is gone and an older one is in its place. You mention it to them and they say.. are you sure?? You insist that this is not the oven you installed they say, of course it is…
Do you have proof?? Scenarios like this show why you would do well to make sure you have a digital inventory of the property and valuable goods. Pictures should have a date stamp which shouldn’t be hard with modern cameras and even your smartphone. Also the condition of the property should be noted. This can prevent theft and future liability issues.
Please be sure to let us know of your inventory as well.
Whenever contracts are concerned remember this;
- Written contracts are best.
- Details should be presented clearly.
- Signatures and Dates, from both parties, must be clearly marked.
Encourage tenants to purchase renters insurance…