Are you tired of losing your hard-earned money as a security deposit when moving out of a rental property? From cleaning hacks to communication strategies with landlords as per the lease agreement, we’re here to make sure you don’t lose a penny unnecessarily for some pre-existing damage, burn mark or wear and tear. So sit tight and let’s get ready to reclaim what’s rightfully yours. It’s time to move!
What is a deposit?
A security deposit is a sum of money that you pay to your landlord or property manager when you sign your tenancy agreement. This money is held to cover the cost of any damage that you may cause to the property during your tenancy, as well as any unpaid rent or other charges.
In most cases, your deposit will be protected by law and must be returned to you at the end of your tenancy, provided that you have met the terms of your agreement and there is no damage to the property.
If you have any questions about your deposit or are concerned that you may not get it back, please get in touch with our team of experts for advice.
Why do I have to pay a deposit?
Most landlords require a deposit from their tenants in order to protect themselves against damage to the rental property or non-payment of rent. The security deposit is usually equivalent to one month’s rent but can be more or less depending on the landlord.
When you move into a property, the landlord should give you a Deposit Protection Certificate, which outlines how your deposit is protected. You should also receive information about the scheme from your letting agent or landlord.
Remember, the deposit isn’t extra money for the landlord to keep. It belongs to you and you should receive it back at the end of your tenancy, as long as you haven’t damaged the property and have paid your rent in full.
How much should my deposit be?
When it comes to security deposits, there is no one-size-fits-all answer. The amount of your deposit should be based on several factors, including the cost of rent, the length of your lease, and the condition of the property.
If you’re renting an apartment, your deposit is usually equal to one month’s rent. So, if your rent is $800 per month, your deposit would be $800.
However, if you’re renting a house or a larger apartment, your deposit may be higher. For example, if your monthly rent is $1,500, your deposit could be as high as $2,000.
The bottom line is that you should talk to your landlord about how much they require for a security deposit. Once you’ve agreed on an amount, make sure to get it in writing so there are no surprises later on.
When do I get my deposit back?
Assuming you’re asking about a rental deposit, in most cases you’ll get your deposit back at the end of your tenancy, provided there is no damage to the property and you have paid your rent and bills.
If your landlord is withholding your deposit, they must provide you with an itemised list of damages and costs within 10 days of you moving out. If you disagree with the charges, you can negotiate with your landlord or take them to court.
Top tips for getting your deposit back
The deposit is usually the biggest financial hurdle when renting a property, so it’s no surprise that many tenants are keen to get their deposit back in full when they move out. Here are our top tips for maximising your chances of getting your deposit back:
1. Do a final clean
Landlords and letting agents always value a good clean, which can significantly impact your deposit return. Make sure you professionally clean all surfaces, including inside cupboards and appliances, and don’t forget often-neglected areas like skirting boards and light fixtures.
2. Repair any damage
If there is any damage to the property, make sure you repair it before you leave. This includes things like filling in holes in walls, fixing broken tiles, and repairing any damage to furniture or fixtures.
3. Leave the property in the same condition as when you moved in
This one seems obvious, but it’s worth bearing in mind! If you’ve made any changes to the property during your tenancy (like painting walls or putting up shelves), make sure you undo these changes before you leave. Landlords will expect to find the property in the same condition as when you moved in.
4. Gather evidence of the condition of the property when you moved in
If there was already damage to the property when you moved in, make sure you have evidence of this (for example, photos or a previous inventory). This will help you to get your deposit back fully.
If you take all the proper steps and prepare well, you can secure the full return of your rental deposit.
Understanding what a deposit is, why it’s needed, and when you should receive it back will help you manage your tenancy more effectively. With these tactics, you can get a smooth exit from your rental property and ensure you get your deposit back while safeguarding your funds for your future endeavors.
