Security Deposit for Property Damages

Being a landlord you know how important it is to collect a security deposit. The amount is not just to recover your property damage but act as a take-out for missed rent payments. But what will happen if the property damage exceeds and the security deposit amount is not enough to cover such damage?

Would you being a landlord will pay the extra damage cost or charge the tenant for the pay? To answer this below we are explaining some smart tips you can take before property damage exceeds the security deposit. 

1. Choose a Legal Binding Agreement

Choosing a legally binding agreement i.e. “lease” is a smart option that keeps a fair relationship between the tenant and the owner. Making a lease should not be limited to just the landlord’s perspective but also made with the consideration of the tenants’ point of view too. So, before dealing with any unpredictable home damage or damage exceeded by tenants make sure to clearly state your conditions in the lease. You can add the following conditions to your lease:


Read More : Top 5 Basic Tips in Rental Property Security Deposits

2. Thoroughly Inspect Before Hand Over keys!

The job of being a landlord has not limited to just handing over keys to your tenants. Being a landlord you must keep the space ready before for the next tenant to move in. You must thoroughly check out the home in case any wear and tear damage exists. 

It is your responsibility that you should clean, paint, and make the rented home ready before your next tenants move in. Wall holes, loose cabinets, hanging hinges, and even appliances, etc, and minor and major damages are counted under the landlord’s responsibility. And they should renovate such damages if any damage pre-exists. 

However, some major damages that hold tenants accountable for the property damage are:

3. Document and Cross Check Your Findings

This is a clever yet fair action plan if you want to save your property damage and get the right amount of the security deposit. All you need to do is collect the right proof if any damage happens to the home. So, before meeting with the new tenant, make sure to create a checklist that includes all the essential things such as rugs, curtains, appliances, walls, etc. non-broken in the right condition. You can also consider clicking pictures before your new tenant check in the space. File it down mentioning the condition and date. 

When the tenant leaves you can consider going through your previously made checklist. This way you will be able to check out the difference between before and after your home conditions and the amenities. If you find out any damage and conduct the repair after it then you can make a list of its expenses made through a licensed contractor along with before and after proof and send it to the previous tenant due to which the damage occurred. This way you can easily prove the damage by charging the right amount for the security deposit. 

Smart Way To Handle Property Damage and Get Right Security Deposit

We understand it’s not easy to handle multiple things all at once, especially when it comes to property damage. If you find it challenging to cope with your tenants and need an expert helping hand to deal with all such issues then our residential property management experts are there to help you with your requirements. 

Be it, a property repair or making communication with the tenants, managing important lease documents, collecting the security deposits, or handling any property damage we can make it all with the blink of an eye! 

Visit today, connect with our experts, and get relaxed leaving all your burden on our shoulders. 

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