It is important to know every detail about your contract with your landlord before moving into your new home. One of the things you need to check are the details about your security deposit. What do you need to know about it and how can you get it back completely and without any reductions?
Before we start discussing the things you need to know about security deposit, let us first define the meaning of it. According to Investopedia, security deposit is "a monetary deposit given to a lender, seller or landlord as proof of intent."
"Security deposits can be either refundable or nonrefundable, depending on the terms of transaction. As the name implies, the deposit is intended as a measure of security for the recipient."
The publication further noted that a security deposit can function in two ways - first, landlords can use it for those times when their tenants cannot pay their monthly rent; or second, they can use it to repair damages at home.
Now that you are fully aware of the meaning of security deposit, you need to know the details about the contract you signed with the landlord (or before you sign one).
According to Trulia, a lot of people overlook on the terms and conditions of the security deposit prior to, during, and after their move because they are so busy with other things.
However, you need to take note on certain things about the conditions of the security deposit if you want to get back the full amount that you paid for in the first place.
As a security deposit can be used for repairs to damages incurred by tenants at home, keeping the house clean and spot-free before you move to another house is a way to ensure that you can get back the most out of your security deposit.
You also need to discuss with the landlord if you need to make any changes to the interiors of the home such as the wall's paint. It is also important to notify the landlord if you notice that there is a problem, which needs to be addressed immediately. Not doing so may result to a bigger damage, which in turn will be taken from your security deposit.
