4 Basic Things to Know About Advance Security Deposit on Rented Homes
Renters all across the country might have an idea about the advance security deposit. These money they provide to the owner along with the initial monthly rent. The tenant give this amount before finalizing the deal or signing rental agreement. In the hands of the owner, this money is used against any repairs or damages done to the property during the stay as a tenant.
But, these days not many tenants know all the basic things to know about the security deposit and they have a notion that landlords are scamming tenants with all these charges. Here are 4 basic things that anyone as a tenant should know about the advance security deposit:
Necessity of giving an advance security deposit:
Under the laws of rental properties, a security deposit is obligatory and it is expected from the tenant. This advance deposit is a collateral/token of guarantee reflecting the time period of stay as a tenant. The landlord use this amount if the property is damaged during the tenure. If the damages caused on the property increases over the security deposit paid, then the tenant is also expected to pay the extra amount during repair of that damage. Along with all that, this amount can also be taken by the landlord if the tenant misses a monthly rent.
The expected security deposit:
Generally, fair landowners tend to collect at least a month or two month’s rent as the security deposit. This purely depends on the owner and the monthly rent received for the property. Those with lower monthly rentals usually levies an advance security deposit of more than 2 months. As a tenant, we should always enquire about the same with the owner before agreeing on any property. When I went to see one of the Apartments in Pallavaram Radial Road for rent, I had enough money in my savings to provide at least 3 months’ rent as security deposit along with the first month’s rent.
How to pay back the security deposit?
The owner gives back this security advance after the tenant completes the legal stay as a tenant. That is usually of 11 months in the agreement. Before giving the money back, the owners scrutinized the property intricately for damages and repairs needed. If the identified damages are due to the tenant’s stay in the property. The owner cut the same amount at the time of returning back the money.
Few common reasons for deduction in the security deposit:
• All the property damages because of the tenant are repaired from the security deposit money.
• Damaged walls, peeled off wall paints, spoilt sanitary ware, damaged kitchen fittings, broken floorings and damage on the furnishings are noted for the same.
• When the tenant could not able to pay a month’s rent. They deduct the same amount from the advance security deposit. And the landlord cut the same at the time of returning back the money.