Why you should always retain receipts and invoices for your rental property

As a landlord it can be a costly affair to keep your property and maintenance up to date but it really is worth it?

In my experience, if a property is well maintained and looks fresh and homely it will achieve the highest rents. The thing to remember is that if you are having work completed on your property, whether it be at the start of a tenancy or during. Or if you purchase new items for the property such as furniture or kitchen items. You should always keep a record of when maintenance was completed or when items were delivered and always keep your receipts and invoices in a safe secure place.

The main reason for this is if at the end of a tenancy you need to make any deductions from the tenant’s deposit. The deposit dispute service will need the original costs to make a good informed decision. You may say that for example a sofa is new at the start of the tenancy but if the tenant causes damage to the sofa and they then claim that it wasn’t new you will have the receipt to prove it.

The same goes for any maintenance, for example painting of the property. If your property has been freshly painted before the tenant moved in and they then cause damage that goes beyond fair wear and tear you will need the invoice as proof that you had the work completed in the first place.

Things like painting are not very easy to see when you are taking pictures and although you may know that the walls were freshly painted and free from marks a tenant may suggest otherwise leaving you out of pocket.

My advice is to keep a log of everything that is completed in the property and the receipts to reflect this. Hopefully you will have great tenants who never cause you any problems but it’ is always better to be safe than sorry!