Don't Be in a Rush to Return That Security Deposit
Your soon to be former tenants have packed the last box and loaded it on the moving truck. But, before they leave for good they want their security deposit back. So, you do the final walk through and are about to cut them a check. Don't be in a rush!! Some damage can't be spotted during a simple walk through, and may end up costing you quite a bit of money when you get the property ready for the next tenants.
Some wear and tear is normal, but there are some things you should check before returning the deposit.
Creepy Critters: Mice, bugs and even rats won't be visible during a 5 minute walk through, but their droppings and signs may be. A pest inspection is only about $65, so if you don't know what to look for you may want to spend the extra cash and have one inspect your property.
Hidden Damage: Open every cabinet door and closet and make sure any built in features are still intact. Check for cabinets and drawers that no longer close properly, damage to built in features and shelves and other problemsthat may not be immediately visible.
Look Underfoot: Some rug and floor damage is immediately apparent, but moveany throw rugs or area rugs or arearugs to make sure the floor or carpeting underneath is in good shape.
Normal wear and tear is expected, but damage that destroys the carpeting needs to be noted and charged to the former tenant. Typical carpet damage includes cigarette or other burns, petstains, food or paint stains that may be permanent. If you see damage, look underneath to make sure the subfloor hasn't been damaged as well.
Odors: Air cleaning products or room fragrances may mask pet or smoke smells, but wait a few days for those flowery scents to fade. I recently listed a rental and we tried everything to get rid of the smell, even had the carpet professionally cleaned and no matter what we tried we couldn't get rid of the smell.
Missing Items: If you haven't been inside your rental in a while, you may not realize that some items have gone missing. When I get a new lease signed I take pictures of each room, paying particular attention to details like blinds, draperies and appliances. I had a tenant that took the stove with her when she moved out. Make sure your investment is the way it was or better than when they moved in.
Depending on where you live, you have anywhere from 2 weeks to 30 daysto return the deposit; reviewyour state laws and follow them. Don't be rushed into returning the deposit.
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