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Why the landlord should take the security deposit?

When you are thinking of welcoming renters to your unit, you should have the security deposit. This is an amount of money that should be paid by a new tenant before moving to the property. If you are worried about the amount, then it depends on the state and local laws. So, you should know the same and as per the law, you must ask for the same. In any situation, you should not underestimate the importance of security deposits for landlords because it makes the journey easier for sure.

The importance of collecting security deposits

When you are taking the security amount, actually, you are having the protection of your investment. It works like the insurance that will save you from unwanted losses. You want to know about the reasons to have the same for the apartment rentals in Annapolis MD, then these are as follows:

Safety against major damages

If the house for rent Annapolis Maryland faces the normal wear and tear, then the price for the same will never be something that can be claimed from the renters. But what happened if it goes beyond the same and your property witnesses the major damages. Obviously, this is not something you can ignore because it asks for the prices that will not be easy to pay, and at the same time, if the damage is done by the renters, then there is no logic to pay the same on your own. Broken windows, large holes on the walls, and more will be the bigger damages, and getting that fixed will be the need and you can do it from the security deposit.

Costing for the deep Cleaning

The landlord always invests money for the perfect cleaning of the Baltimore property management. Before showing the property, every single thing will be taken care of and make it rightly presented. But if the renters leave the property without making that cleaned and you need to invest a huge amount for the same. Obviously, this will not be you are not comfortable with and here you can use the amount of the security deposit to do the deep cleaning of the property.

Unpaid bills

The renters have left the unit and after the moving out, you find that the utility bills are still not paid, then you should make that cleared, and obviously, you take the same from the security deposit. If you don’t have it from the renters, then you have to pay the bills. Are you okay with the same? Surely, you are not. So, you should take the security deposit and handle the situation.

Breaking the tenure

When you welcome the renters, you both need to sign the lease and it is done for the fixed timing. Also, without some exceptions, you both can’t break the tenure of the lease. If your renter just breaks the same, then you as the landlord have the full right of doing the retention of the security deposit. Is not that amazing? Surely, it is. So, you just take the amount of the security and make yourself safe from the sudden exit of the renter because the moving out claims money and having the perfect new renters can be something that asks for the time.

Unpaid rent

The tenants are not paying the rent, then this unpaid rent should be taken from the security deposit. Obviously, the protection, you get from the investment that will be impossible to get from anything else.  

You need to take the right steps before collecting or using the security deposit and here those are:

  1. You need to know the laws of the state to take the right amount. If you are not doing the same as per the law, then legal action can be taken against you. Laws can be there that you need to produce the receipt to the renters and you can’t deny paying the same. When the renters vacant the property, then within time, the landlord has to give back the amount and you have to follow the same as well.
  2. Before moving in the renters, it will be the responsibility of the landlord to document the property condition by taking the picture and after moving out, the images are clicked and show the difference and also the proof of the cost to make yourself clear that the amount you are deducted that is perfect.
  3. Don’t allow the renters to give the payment of the last month’s rent by the security deposit. Make it clear on the lease and have the protection.

Now, you have the idea of the need to have the deposit and how you should use the same. So, arrange all accordingly and enjoy the benefits.