By Dixie Job change to a different city? Getting married? Headed to a better (or cheaper) living space?
Back when you moved into your current place, you may remember being surprised to hear that you had to come up with an extra month’s rent for something called a “Security Deposit”. You were told that you could get this deposit back, or maybe not depending on…what?
Besides being a painful thing to part with back then, and the fact that money truly does not grow on trees, how can you make sure to get it back?
It starts back when the pen is in your hand and the apartment agent is about to slide the keys across the table at you. Take a hard look at your apartment contract, which should spell out in detail how much the deposit is, a definition of what it is and what you have to do to get it back. Security deposits are usually equal to one month’s rent, sometimes more, BTW. If this is NOT covered in your contract, I strongly suggest you put the pen down and walk away. Any money you put out that is not accounted for in the contract is just a donation to a very unworthy cause. Spoiler alert: you aren’t getting it back, no way no how.
Be aware that a security deposit is NOT the same as the last month’s rent. Some apartment complexes require first and last month’s rent PLUS a security deposit, especially if your credit is not great. And security deposits may vary depending on what is the norm for that area of town plus your credit history.
If the Security Deposit is addressed in your contract (definition, amount and how to get back and within what timeframe) and you almost have your fingers on those apartment keys, you have a very crucial next step before you sign the contract. Before you get your buddies to haul your grandmother’s old couch up those three flights of stairs, go in and do your own inspection. Get the agent to come along but don’t let he/she rush you. Take photos of anything that is remotely chipped, broken or cracked and look for any damage on the floors, carpet stains, cracks or scratches in the bathroom tile or kitchen counters. Turn faucets on, flush toilets and check the lint screen in the dryer (gets torn pretty easily and you will get dinged for it!). Make sure the appliances all work and that there are no shelves or racks missing. Look for picture holes in the walls, and make sure the windows are not cracked and the blinds have zero chips or missing boards. If anything is not perfect, make note of it, take a picture and keep it for when you move out (Do. Not. Delete.)
Keep your signed contract somewhere safe. Do not rely on the apartment complex because they “have a copy”. You are adulting now and it is ultimately your responsibility.
Some common ways to increase your odds of getting your deposit back:
Don’t modify the walls or flooring. Save the purple sparkle walls and Pinterest countertop marbling ideas for your future home. Use stick on picture hangers that won’t damage the walls. Clean stains off the carpet when they happen. Replace any broken blinds yourself. Be careful not to ding walls and doors or damage appliances.
So, you have had a good year or two in your apartment but it is time to move on. Make sure to read over your contract termination terms. Note that if you are leaving before the contract ends (called breaking the lease), there will certainly be a termination fee. Sometimes it is the full security deposit amount and may also include an extra month’s rent. Yipes.
Even if you plan on moving at the end of your contract, make sure you follow the guidelines in the contract for giving notice to vacate. There will be a timeframe as well as what is an acceptable way to give notice. Give notification in writing, email or text. Verbal notification is nice, especially when you have become buddies with the maintenance guy or apartment agent but make ding danged sure that you have a paper trail that shows the manager received your notification within the contract terms. It is YOUR money you are dealing with, not your new buddy’s. Get it in writing and keep copies.
Before you move, grab that contract again and read over what is required in order to get your security deposit back. The usual requirements are no holes in the wall, chips on counters, damage to appliances and floor and no stains on the carpet beyond normal wear and tear. Some contracts may require you to do additional things like professionally clean carpets and provide receipts. Read the contract carefully.
When grandma’s couch is finally at the curb on moving day, clean the place up. Throw trash away, wipe kitchen and bathroom countertops, and sweep floors. Check the cabinets for any forgotten items. Make sure you have all copies of keys. Ask the apartment manager to do a final walk-through so you can get agreement that everything is in order and your security deposit will be refunded.
And finally, enjoy your new space with the assurance that you will be getting a nice check in a few weeks!