We all know the importance of requiring a security deposit and returning it quickly. But often homeowners are unclear about which issues justify withholding the security deposit, whether they need to provide evidence to the vacationer, etc. In his recent podcast, Tyler Pyburn discusses security deposit issues with Elizabeth Weedon from our Homeowner Support Team – including the important questions: What are the ramifications of withholding security deposit funds? And, is it worth it?
Read our blog for more tips on withholding security deposits.
I talk to my tenants a few days after they arrive to see how it’s going. I dig out of them what needs fixing, offer suggestions for their stay that are personalized based on the conversation, and double down on some of the items I already mentioned in their welcome package. You may wish to consider how much rent you received v. your estimate of the extra electricity.
Hi Liz,
I have kept a security deposit $ 250. or part there of on only a very few occasions. People smashed my glass topped deck table and I kept the whole amount with no objections. Then another family disregarded the instructions to bag garbage, so I had to get someone to come to the house and bag it so the trash co. would take it. I only kept $30. (Sounds petty now).
But, the last time, I found out that a recent family had installed two window air- conditioners in my home and left them on all day while they were away from the house. I was really scorched about this so I kept $100 back. $50 for each AC. I was very disappointed they took advantage as they did. I’m wondering now, how many others have done this. I now have it written in the lease that no A/Cs are allowed (without prior approval). I have no idea what I should charge to let then bring i A/Cs. Any suggestions.?
Jerry