Moving into a new place is both exciting and exhausting at the same time. If it was me, I’d be really thrilled to get into the new place and find out more about it. But, back in my mind, I’d probably also think about protecting my security deposits.
Wait, don’t tell me you’re worried about the same?
Well, in that case – congrats. You have stumbled upon the right blog. In this article, I’m going to talk about the basics of security deposits and how to protect them. Thus, please go through the article till the end and tell me what you think about it.
What Is A Security Deposit?
Well, it’s a type of money deposit that you have to provide to a lender, landlord, or the seller of a house. It’s offered as proof of intent to stay at the house and protect or take care of it.
A security deposit can be either non-refundable or refundable – depending on the terms of the transaction. But, if you cause any damage to the domicile, you won’t get back a single penny.
How Does It Work?
If you’re thinking about moving into a house, you’ll need to pay off the security deposit of it at the very beginning. The amount will typically mimic the same as your monthly rent. Thus, it will be easier for you to plan for it beforehand, accordingly.
The money your lender has taken might be used for any kind of damage you have caused. For example, if you’ve somehow broken the window, it’ll have to be repaired by the amount you have given as a security deposit. The cash will be refunded if the house is well and good.
How To Avoid Losing Your Security Deposit?
When you’re moving into a new house, it’s always best to create a move-in checklist for your reference. It should have each and everything you might need for the move-in. In any case, if you want, you can also keep your security deposit within the same.
In this article, I’ll tell you how you can save your security deposit. However, if you don’t get or understand something, please raise the same in the comment section below. I’ll try my best to help you out as much as I can regarding the titular subject.
1. Take A Video Or Picture Of The House Before Moving In.
The camera you have on your smartphone isn’t only for clicking your own image and posting it on your Instagram. Instead, I’ll ask you to use it to capture an image or a video of the home before moving in. This way, you’ll have proof that you didn’t cause any damage to it.
Also, as mentioned before, create a move-in checklist from the very first day. And, don’t ever forget to keep track of whatever you’ve been doing and build a paper trail accordingly.
2. Go Through Your Lease Agreement Properly.
Your rental lease agreement will clarify the whole outline of your contract quite clearly. Thus, it’d be ideal if you read the whole thing accordingly. Or else, you might miss out on a critical context, which might end up biting you back in the future.
Hence, for example, if you’re responsible for doing something before leaving the house, do it as it’s said in your contract. Or else it’ll be impossible for you to save your security deposit. Residential security is also very important. Make sure it’s up to scratch.
3. Learn About The Law Properly.
Whether you are a landlord or thinking about taking a rental house, you should always read a paper of law beforehand. It would tell you about the type of paperwork or something as such pretty clearly. And, this might include going through the city, state, and county laws.
Also, no matter what your purpose is, please note down the law segment that’s related to your lease agreement. If your landlord does something unusual, show that paper to them.
4. Get Busy As Soon As You Get To Your Home.
So, you have ended up damaging the house somehow, right? Okay, there’s no need to panic at all. Just get yourself and start –
- Patching the hole you made to hang a photo or a poster for your dog.
- Painting the door if you have repainted the original color of it.
- Cleaning the refrigerator and fixing any kind of damage you have caused.
Apart from that, we’ll also ask you to clean out the entire apartment again before you get out of the house. And, don’t forget to take whatever you have as well.
5. Check If You Have Any Unpaid Rent Or Not.
When you’re living at someone else’s place, paying the rent on time will be highly important for you. Or else, the landlord might ask you to leave their house or withhold the whole bunch of security in their pocket. And, they might file a lawsuit against you too.
Hence, it’s a must that you pay your rent on time. Here are some tips that can help you out in this context –
- Whenever you get your salary, please keep your rent money aside quickly.
- Set up a reminder on the day you’re supposed to pay off your rent.
- Understand your rights and talk to your landlord about the payment of the rent.
Even if you can’t pay back the money on time, please have a conversation with your landlord accordingly. And, if they’re still not offering you the security deposit you owe from them, it will be best for you to make your deposit protection compensation claims. This way, you can legally get back all your money without getting into any fight and all.
Conclusion
So, there you go. Hopefully, you have understood your duties to protect your security deposit in any way possible. Nonetheless, if you need something else, like advice or anything, it’ll be best if you talk to a lawyer. They’ll be able to share the right thoughts with you.
Or, if you want, you can also share whatever you are thinking in the comment section below. I will try my best to answer all the questions accordingly.
