6 Ways You Can Protect Your Security Deposits as a Tenant
If you’re a tenant, you know the importance of a security deposit payment. This money could equate to a month’s worth of rent, and it serves as a safety net for your landlord in case of damages or unpaid rent. However, there have been many unfortunate cases where tenants are stuck in a battle to reclaim their security deposits at the end of their rental unit lease. But worry not, in this blog post, SPEEDHOME will share essential tips on how you can protect your security deposit as a tenant.
1. Understand Your Lease Agreement
Before signing your lease agreement, it is very important to first understand the terms and clauses related to security deposits. Pay close attention to clauses related to the deposit amount, any conditions for the refund or even permitted deductions to the deposit. Be sure to read it thoroughly to understand your tenancy rights and obligations so that you can prevent any misunderstandings from happening in future.
2. Document the Property’s Condition
The next step to protect your security deposit is to document the condition of the property. At the start of your tenancy, conduct a thorough walk throughout the unit with your landlord or property manager to check for any defects that have not been fixed. Document it by taking detailed pictures or videos of the condition of every room, especially if there happens to be any pre existing damages or maintenance issues. Have a written record of any agreements that were agreed upon discussion regarding repairs and improvements. This will aid as evidence of the property’s initial conditions, protecting you from any unfair deductions.
3. Report Maintenance Issues Promptly
Thirdly, be sure to promptly report any maintenance issues or rental repairs required that may occur in the rental property during your tenancy period to protect your security deposit. Reason being, if you fail to address these issues punctually, more damage could occur and you will be the one held responsible for it. Demonstrate your diligence to your landlord or property manager by documenting your communication with them about maintenance concerns. It gives them the impression that you care about the property and its condition.
4. Clean and Restore the Property
When your lease term is coming to an end, take some time to thoroughly clean up and restore the rental unit to its original condition. Examples of areas to pay attention to are carpets, walls and electrical appliances; basically areas that are prone to wear and tear. You can consider hiring a professional cleaner or contractor if necessary. A well-maintained and clean property is more likely to receive a full security deposit refund.
5. Schedule a Final Inspection
Before you move out, set a time and date with your landlord or property manager to have a joint final inspection. Review the rental property together and use this chance to address and resolve any remaining concerns or discrepancies. You can refer back to your original documentation of the property’s condition for a fair check. If they propose for any deductions from your deposit, ask for a written list and formally discuss the matters.
6. Follow Up in Writing
Finally, protect your security deposit by following up with your landlord or property manager in writing, to confirm the finalised agreements. Request a written statement outlining the final disposition of your security deposit, including any deductions made and the reasons for them. And of course, be sure to keep copies of all the said documents for future reference.
Conclusion
And other you have it! 6 ways you can protect your security deposit from the beginning till the very end of your leasing term. Always remember, proactive communication, documentation and diligence is very important throughout your rental unit’s tenancy term. By understanding your rights, maintaining the property, and effectively communicating with your landlord, you can maximize the likelihood of receiving a full refund of your security deposit. Remember, preparation and attention to detail are key to safeguarding your financial interests in the rental process
Did you know, tenants who rent with SPEEDHOME are very likely to get back their security deposit because we at SPEEDHOME ensures fair play between tenants and landlords.
