If you're a renter, are you throwing away money? I'm not talking about the argument against renting that claims you're lining someone else's pocket by paying rent rather than building equity by owning (see Should You Buy or Rent Your Home?). I'm talking about your security deposit. Have you forked over hundreds (maybe even thousands) of dollars to secure an apartment only to lose your money at the end of your lease?
DOWNLOAD: The Kip Tips iPad App
More than a quarter of all renters have lost their security deposit at some point, according to a survey by Rent.com, an Internet listing site for rental properties. There are a variety of reasons why renters don't get their deposits back, from breaking a lease to leaving their apartments damaged. To make sure that you don't lose the money you put down to secure an apartment, follow these tips from Rent.com:
Read your lease. This sounds obvious enough, but do you actually read all the fine print or just skim through your rental document and sign at the dotted line? Be sure to read ALL of the requirements stipulated by your landlord for receiving your security deposit back at the end of your lease. If the landlord doesn't list guidelines, ask him to do so in writing before signing a lease.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Take photos of your apartment when you move in and out -- and make sure they are date-stamped -- to document the condition of the property. Make sure you snap pictures of any existing damage so that you won't be blamed for it when you move out.
Get permission before making any changes. Before you paint or make any renovations to your apartment, get written permission from your landlord to do so.
Try to reach a compromise if you break your lease. If you must move out before your lease ends and don't want to forfeit your security deposit, try negotiating with your landlord. Offer to find a replacement tenant or perhaps ask to receive a portion of your deposit back if you only have a couple months left on your lease.
If your landlord doesn't return your deposit and you haven't violated any of the guidelines in your lease, you need to review your rights. Most states have laws that specify when and how landlords must return security deposits. Legal Web site Nolo.com provides a list of security deposit laws for all 50 states and tips on how to get your security deposit back.
-
Stock Market Today: Have We Seen the Bottom for Stocks?Solid first-quarter earnings suggest fundamentals remain solid, and recent price action is encouraging too.
-
Is the GOP Secretly Planning to Raise Taxes on the Rich?Tax Reform As high-stakes tax reform talks resume on Capitol Hill, questions are swirling about what Republicans and President Trump will do.
-
Five Ways to Save on Vacation Rental PropertiesTravel Use these strategies to pay less for an apartment, condo or house when you travel.
-
How to Avoid Annoying Hotel Fees: Per Person, Parking and MoreTravel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
-
How to Appeal an Unexpected Medical Billhealth insurance You may receive a bill because your insurance company denied a claim—but that doesn’t mean you have to pay it.
-
Amazon Prime Fees Are Rising. Here’s How to Cancel Your Amazon Prime MembershipFeature Amazon Prime will soon cost $139 a year, $180 for those who pay monthly. If you’re a subscriber, maybe it’s time to rethink your relationship. Here’s a step-by-step guide to canceling Prime.
-
How to Haggle for Almost AnythingSmart Buying Learning how to haggle is an invaluable skill. These strategies will help you negotiate a better price for just about any product or service.
-
Disability Insurance Can Provide COVID CoverageCoronavirus and Your Money If you are concerned about long-term complications from COVID-19, consider disability insurance coverage.
-
21 Things You Can't Return to Amazon — Either Online or In-StoreDid you know there are things you can't return to Amazon? Before adding these 21 items to your cart, be sure to read Amazon's return policy first.
-
How to Avoid a Charity Scampersonal finance Scammers never quit, even when you're trying to be altruistic. But you can avoid getting duped if you do your homework.
