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 sunlight Wear on rugs/carpet (especially in high-traffic areas) due to normal use Minor scuffs on floors or trim Broken plumbing as a result of daily use Broken appliances that are not the result of misuse Warped doors and windows caused by moisture, temperature or age Small nicks on walls (especially in corners) A reasonable amount of holes in the walls due t...