Renting an apartment, though much cheaper than buying property, comes with its own expenses—namely a security deposit. This deposit can range anywhere from $300 to a full month’s rent and, in most cases, at least half of it is refundable when you move out. However, there are reasons why your landlord can keep that deposit, causing this issue to be the number one source of disagreements between landlords and residents. What are these reasons? Here are three of them:
1. Inspection: Upon moving in, many landlords give you a checklist with which you can walk room to room and note any existing damages. This relinquishes you from responsibility come time for you to move out. If, for whatever reason, this inspection was not completed at move-in, you may be held responsible for damages that were there before you were handed the key. The cost of repairing these damages may then be extracted from your deposit. You can remedy this possibility by speaking with your landlord about creating your own checklist (make sure you and your landlord sign and date it) and/or taking pictures of any existing damage to provide proof.
2. Theft: Many apartments come standard with kitchen appliances, some come fully furnished and they all come with a set of keys. If you move out and take any of property with you, whether intentional or accidental, you could be held responsible for the expense of replacements (which is deducted from your deposit). When moving out, check for keys, garage openers and anything else that you did not own previous to moving in. Leave such items in the unit or turn them in to your landlord.
3. Final walk-through: When residents move out, the landlord will conduct a final walk-through to look for signs of damages that need repairing before another resident can move in. Regular wear and tear is generally okay, but you may be charged if the carpet is stained or there’s a dent in a wooden cabinet. It’s in your best interests to be present during this walk-through so you can contest any claims made against you that weren’t actually your fault.
Protect your possessions from the day you move in. Call Alteza Insurance Agency at 630-830-4500 for more information on Hanover Park renter’s insurance.