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What is a Security Deposit on an Apartment?

  • There are a number of different fees you will need to pay when it comes to moving into a new apartment. You want to make sure you are prepared for them all with some emergency money on the side just in case something does go wrong. In addition to coming up with the amount that you need to spend in rent each month, you also need to look into the security deposit. The amount you spend on this will depend on the property and what the landlord decides. Some states do have regulations on how much this can be as well.

     

    The security deposit is there to protect the landlord in case you leave the apartment before the lease is over or if you destroy it when it is time to move out. They can use that money to help recover some of the lost money and damages at the time. If you keep the place in good working order and don’t do more than normal wear and tear on the property, then you get that money back when you move out. This can give you an added bonus at the end of your lease when it is time to move, but you have to take good care of the apartment along the way.

     

    Some landlords will charge a higher security deposit to make sure the tenant can afford the apartment and to cover them. Others may be able to do it for a lot lower, especially if you agree that money is non-refundable and you are not going to get it back when you move, no matter the shape of the apartment unit. You should always ask about the amount of the security deposit upfront and then take the time to budget for it before you decide to move.

     

    If the landlord finds that there are damages to the unit that are more than the amount you paid in a security deposit, they can still charge you the extra when you leave. If you agree to this non-refundable option, make sure that you save a little money each month in case you are charged more fees at the end of the lease.

     

    Large apartments in Delray Beach can provide you with all the extra space you need when you move in. You don’t want to feel cramped into a tiny space and call it your home, whether you are moving in with your family or with a few roommates. We are happy to offer some of the best apartments for your needs, with plenty of space so you can spread out and feel at ease. Come and take a tour to see whether these apartments are right for you!