Security Deposits, A Mutual Benefit
When looking for a rental have you ever asked yourself the question, “Why is a security deposit needed for me to rent?” Did you know that security deposits not only benefit the landlord, but can benefit you as well? Yep, that’s right, security deposits create mutual accountability.
Your security deposit is an investment in the quality of your rental home.
Making a House your Home
While a security deposit may seem like an initial crunch on your budget they provide a safety net for the renter and also give you an extra reason to keep the property looking like it did when you moved in. Basically a security deposit acts as an insurance policy between you and your landlord, insuring that you will take the best care possible of your rental.
Benefits
A security deposit can actually benefit you as a renter, too. When you are looking for a nice rental property, you want to know that everything is working and functioning properly. If the tenants before you took good care of the facility it will maintain a better living area for you. Knowing that you are renting from a company that cares about quality is reassuring.
Another benefit to a security deposit is that it lessens the chances for legal actions to be taken if there are minor damages done to your rental property. If you have made minor damages to your rental (accidental or intentional) your security deposit will be withheld when you leave, most likely covering the cost of the damages. If there was no initial security deposit then the landlord may have to use legal action to acquire money from you for the damages.
Before you Sign
Before you put your name on the dotted line, you should definitely be aware of everything the security deposit covers and does not cover.
Walk-Through
The first step in this process is to to do a walk-through with the landlord and bring a camera to note any damages that are already present. And when you leave, ask to see if you can do the final walk-through with the landlord to make sure you both are on the same page about new or already existing damages.
History
While you can’t ask for a tenant history, you can ask specifics on the history of the rental. A great example is asking about pets and smoking restrictions. Smells may easily be covered up on a walk-through, but after a week in the rental they may make and ugly appearance. If you don’t plan on having pets, finding a pet-free rental property is ideal.
Charges
The final thing you should look into before you sign is making sure you are aware of every charge your security deposit covers. You can also look for hidden fees and the exact rules for receiving your deposit back at the end of your stay.
A good-upstanding landlord will not withhold your deposit If you have taken proper care of your rental home.
It is crucial to understand all the ins and outs of a security deposit including the pros and cons. Before you land on your dream property be sure to do your research. And remember to enjoy the process!