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Rental Property Security Deposits
Rental Property Security Deposits
A security deposit is money payed by the tenant to the landlord to cover any repair to the property, caused by the tenant. The security deposit should be placed in escrow by the landlord, until the lease on the property is completed. Security deposits can vary in amounts, but are usually one month's rent. Some landlords charge extra amounts for tenants with pets, considering the amount of damage a pet can cause. The deposit is to be returned to the tenant at the end of the lease, provided the property is in the same condition as when it was rented.
Now, how do you protect your security deposit, and insure you will get it back?
Document the condition of the property before you move in. Take a walk through with the landlord or property management company, and note any damage or abnormal conditions of the renal property. Take some pictures of the property to show the overall condition. Have the landlord or property management company sign off on your notes, just in case you would need them in a dispute later. This first step can be very important.
While living in the property, if you to make any changes or improvements, check with the landlord or property management company first. Even something as simple as painting a wall, should be cleared with the property owner first. The owner might be okay with the change, but will require you to change it back when you vacate the rental property. In addition, if you have an idea for property improvement, let the owner know what your idea is. They might really like you idea, and provide help and materials. If any damage occurs to the rental property that is not related to the renters negligence, should be immediately relayed to the owner or property management company. Don't just fix the problem yourself, you could be blamed for it later. Pets can cause lots of damage, so make sure yours is house broken.
When getting ready to move out of the property thoroughly clean the whole property. You should try to make sure the rental property looks better then when you moved in. Shampoo carpets, clean bathrooms (including toilets), clean the kitchen appliances inside and out, and patch any holes in the drywall. It's good idea to have some touchup paint to cover any marks you have made.
Lastly, when you are ready to turn the keys back in, take another walk through with the owner or property management company. Use the checklist you created when you first moved in, to address any issues. If the landlord finds any problems, offer to fix the issues before you completely move out. Make sure you give your new address, so the security deposit can be sent. If you follow these simple steps, and treat the rental property like it's your home, you shouldn't have any issues with getting your security deposit back.
About the Author
Tony Swanson
Rental Consultant
www.findhomerentals.net
Real Estate Investment Property Checklist
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