Posts

Showing posts from November, 2014

CALCULATING SECURITY DEPOSIT DEDUCTIONS

It can be a daunting or uncertain task…assessing deductions to a renter’s security deposit.There are security deposit laws specific to each state, so you should check the rules and regulations that pertain to your specific location. In most states, you cannot charge your resident for normal wear and tear, but are able to cover your expenses for damages caused by the resident.

This list contains examples of what would qualify as normal wear and tear, which you, as the property owner, are financially liable to repair:
Faded curtains, carpet, wallpaper or paint due to age or sunlightWear on rugs/carpet (especially in high-traffic areas) due to normal useMinor scuffs on floors or trimBroken plumbing as a result of daily useBroken appliances that are not the result of misuseWarped doors and windows caused by moisture, temperature or ageSmall nicks on walls (especially in corners)A reasonable amount of holes in the walls due to the hanging of picturesBroke…