We’ve found that many property owners we speak with are worried about a couple of significant issues when renting out their properties. Initially, they were concerned that the rent would go unpaid. Damage to the property is their second major worry.
This apprehension is rational. But, as Peachtree City property managers, we know from experience that screened tenants rarely cause damage beyond the scope of the security deposit. In addition, regular inspections can assist you in making sure your tenants are keeping the property in good condition and abiding by the terms of the lease.
The possibility of physical property damage can never be nullified, though. After a renter moves out, you can take immediate action if you find extensive damage.
Complete a Detailed Inspection and Take Photos
You should have inspected the property thoroughly before your tenant moved in to keep track of its condition. That report is necessary for comparing the move-in inspection with the previous one. You should be able to tell a significant difference between the home’s condition if there is substantial damage.
Always keep in mind that damage is different from normal wear and tear. Minor nail scratches on the wall or furnishings grime on the carpets may make you angry, but they are not damaged and are not the tenant’s financial responsibility.
Acquire numerous photographs. Large holes in walls, shattered appliances, cracked doors or windows, and scribbled or scratched surfaces are common damage indicators. You need to have proof of the damage to keep the security deposit legally.
Get Price Quotes for the Repairs
You’ll want to know how much it’ll cost to get your Peachtree City rental property back into rentable shape. Get bids from potential contractors and suppliers right now so you can get started. It is usually preferable, from a legal sense, to provide actual bills rather than estimates. Find out how much it will cost to fix the damage, and then decide if you want to keep the entire security deposit or just a portion of it.
Adjust the Safety Deposit
There is no legal cap on security deposits in Georgia, although most landlords will ask for at least one month’s rent upfront. Tenants should be notified in writing within 30 days of their move-out if the whole amount will be retained. Include supporting documentation, such as bills, estimates, and receipts, as well as a copy of the section of the lease where your right to retain the security deposit is mentioned.
Detailed billing for the outstanding balance is requested
It’s unusual for the cost of repairs to exceed the security deposit. But, anything can happen. In this situation, it is recommended that you send the tenants a bill for the outstanding balance. They probably won’t run a check over to you immediately away. You must now determine the level of persistence with which you will seek payment of the outstanding balance. If you feel it is necessary and appropriate, you might seek the assistance of a lawyer or a debt collecting agency.
When renting a home in Peachtree City, we can assist you in taking precautions to prevent damage. Get in touch with Tameka Manns Realty Group.