Security Deposits And Advantages Of Renting Apartments

If you are a college student, a fresh graduate, or just someone new to renting apartments, there are some obstacles you will face. You may have a hard time adjusting, following the rules, and complying with all the paperwork, or you may know too little, making you n easy target for scammers. You may have lots of questions like, “do you pay security deposit before signing a lease?”, “Can you negotiate with your landlord regarding rent?” or “what is a security deposit?”.  In this article, we will talk about security deposits and other things related to apartments. 

Before we dig deeper into apartments, let us first check if renting apartments is for you. So let us see the advantages and disadvantages of renting.

Little responsibility for maintenance

You are still responsible for maintaining your unit, but you will not be irresponsible for the major and more complex things. For example, if plumbing and electrical wiring issues arise or if the roof, wall, or floor gets damaged, the landlord will be the one who will resolve those issues. You do not have to contact repair workers, you just have to inform your landlord, and they will handle it. 

There is no down payment.

You do not have to worry if you do not have cash available. When renting, there is no downpayment, so you can still have time to save and budget your money. In the beginning, you have to pay a security deposit, but it does not cost as much as down payments or more than your month’s rent. The difference between down payment and security deposits is huge. Down payments for a house usually cost thousands of dollars, while a security deposit is roughly the same as your rent for a month or two.

Fewer responsibilities 

You will have fewer responsibilities if you rent compared to buying a house. As mentioned earlier, the unit’s maintenance is in the landlord’s hands. If you own a house, you have to handle many more things like the entire home maintenance, property taxes, home insurance, real estate fees, land titles, and other maintenance fees.

It is cheaper than owning a house or building. 

If you are going to live in a certain place for a short time, then renting is the best option. It is much cheaper since owning a house is a huge investment.  This is why you should know your game plan so you would know if you are going to settle in a place for a long time or not.

The following are some of the frequently asked questions regarding security deposits:

What is a security deposit?

A security deposit is an amount you must pay when you start to rent. This is like the apartment version for down payments. Security deposits are used to pay for the damages that the renter causes to their unit and abandoned lease in some cases.

When do you pay the security deposit?

Before you can move in, you have to pay the security deposit. Never give money without signing the legal documents. Be wary if your landlord asks for money without showing the papers or themselves. Security deposits are usually paid when you sign the lease. So read the contract thoroughly before paying.

What specific things can your landlord use the security deposit for?

Before you leave, there are things you must clean and settle. Then, when you move out, your landlord can deduct money from the security deposit you paid if you leave the appliances uncleaned and fail to comply with your landlord’s requirements. They can also deduct if you leave big items like dressers, vanity desks, and mirrors.

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