Potential issues that could reduce your serviced apartment’s security deposit refund.
Security deposits, usually equivalent to one’s month rent is the refundable amount of money which you give to your landlord at the beginning of your tenancy. It is usually meant to ensure that the tenant holds up the terms of the agreement and cater for any costs that may arise due to damages during your stay. APT212 an influential dealer in the serviced apartments industry disclosed that a significant percentage of tenants rarely get back their untouched security deposits. Many reasons could lead to landlords taking a portion of the deposits and some of them include;
Not documenting the original condition of the apartment-it is good to document the condition of the apartment and the associated furnishes as soon as you move in. ideally, it is better if you do this with the house manager within the first 30 days of your stay. This information will help protect you from dubious claims at the end of your tenancy and possibly ensure you get all your security deposit back or a significant portion of your stay resulted in some damages.
Modifying the apartment without the necessary approval- some landlords wouldn’t mind some minor changes but others can be very strict and it would be wise to first ask before proceeding. All in all, going ahead to make any aggressive changes to the apartment without permission from the property owner or manager will most likely lead to the slashing or complete denial of your security deposit once you are ready to move out.
Conducting unauthorized repairs on the apartment- you should report any repair works to the management and avoid doing them yourself. There is a risk that you might worsen the situation and consequently costing yourself a lot more than you would have by reporting which may be ultimately deducted from your total security deposit.
Poor relations with the landlord- good relations with the landlord can go a long way and turn out to be beneficial to you. Tenants that treat their landlords with respect, pay rent on time and meet other expectations are less likely to have their security deposits eaten into for dubious reasons. APT212 also believes such tenants are also given the best services with short response times in case of repairs and other issues that landlords need to address. Poor relations, on the other hand, will negative implications during your stay and may lead to ultimately having your security deposit slashed for various reasons when it’s time to move out.
Incidental damage- even though not deliberate, sometimes people cause damage which they overtime get used to. issues such as paint damage scratched the floor as a result of dragging heavy objects, etc. can cumulatively eat into your security deposit and reduce the amount of money which you get back.
Pets- pets can cause a lot of damages to apartments which can be very costly to fix. Furnished apartments, for instance, can get significant furniture damages from your pets. There would be a need for thorough cleaning after you leave for the mess which pets may leave behind and possible allergy reactions which it may cause for the next tenant. The associated costs will be catered for by part of your security deposit and hence the significant cuts you are likely to get.