Depreciation policy - Terms - Rentify

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Monday, February 18th 2019

Depreciation Policy


From time to time, fixtures, furnishings and appliances in your property go to meet the great manufacturer in the sky — which is to say, require a full replacement or repairs greater than its current value. Per the terms of our agreement, we replace like-for-like, but sometimes this is easier said than done, e.g. if you give us the property with a five year old fridge and it breaks two years in, it’s tough to find a seven year old fridge to replace it.

These terms are intended to lay out the depreciation value for these items, so there’s a clear standard for our contribution to these replacements and repairs. It should be noted that this policy does not apply if the item is under warranty!

The percentages below show the percentage of the original cost or value that we will contribute to the repair or replacement, including labour and associated charges with installation, but not including access required for repairs unless explicitly noted otherwise in your agreement with us. Furnishings age less gracefully so there are two inputs — condition and age.

For appliances and electronic devices we use a Straight Line Depreciation calculation over a set time. For major furnishings and furniture, it depends on the state and the age. The age of the item will be determined by either the receipt of purchase you offer or the best estimate of the make/model that can be found online & the years above denote the age of the item as opposed to the number of years it has been under our management.

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As ever, we want you to be confident that you’re getting good value and that your property is safe and well-cared for — if there’s ever anything that we can do to help with that, please let us know at help.rentify.com and we will happily make things right.