Renting a home for the first time can be daunting and expensive. You have to pay for furniture, basic home goods, application fees, and rental deposits.
All these costs may be confusing at first. What is a security deposit? Will I get it back? What other deposits might I have to pay?
If you find yourself asking these questions, keep reading. We’ll give you a guide to common rental deposits, what they mean, and how to make sure you get your money back.
What Rental Deposits You Will Have to Pay?
When you apply for a home or apartment, you usually have to pay a security deposit. A security deposit is a sum of money that you must pay in order to reserve the apartment, so someone else doesn’t get it.
Usually, a security deposit is equal to one month of your rent. You will often be required to pay first and last month’s rent at the same time that you pay your security deposit.
Your security deposit acts as insurance that you will leave your apartment the way you found it. As long as you hold up that part of the bargain, you should get your money back after you move out.
For the same reason, many apartments will require a pet deposit if you are moving in with a pet. Find out more details through the authoritative renting platform of Rentberry’s website which connects tenants and landlords.
Common Renting Mistakes
In order to make sure you get your deposit back, make sure you avoid common renting mistakes.
The most deadly of these mistakes is forgetting to read your lease agreement. In your lease, you might find some things that your landlord didn’t tell you about verbally.
For example, you may be responsible for taking care of some of the sidewalks in front of your home. If that’s the case, failing to do so could result in the landlord keeping your security deposit.
You should also make sure that your landlord is notified of any flaws in your apartment that were there when you moved in. Otherwise, those flaws may be blamed on you.
Tips for the First-Time Renter
There are many steps you can take to make you get your rental deposit refund. The most important one is to leave your apartment in better shape than you found it.
Don’t skimp on cleaning and removing all of your belongings, no matter how trivial or small they may seem.
Also, make sure you take care of the trash from your move the right way. Don’t leave too much out on the street, or your landlord could penalize you.
If possible, do not terminate your lease early. In most cases, early termination will result in you sacrificing your security deposit.
For a comprehensive list of renting tips, read more here.
Rent the Smart Way Today
Now that you know more about how rental deposits work, get out there and search for the perfect apartment. Don’t forget to take good care of it so that you receive a full deposit refund.
Avoid first-time renter mistakes and save money while you move.
For more money-savvy tips, check out the rest of our blog!