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What Does A Security Deposit Cover?

What Does A Security Deposit cover?At Cobalt Creek Property Management in Denver, Colorado, we take care of all the details of rental properties. If you have any questions or issues about what a security deposit does and does not cover, we are here to clarify the specifics that will lessen or eliminate any misunderstandings between tenant and owner.

What is a Security Deposit?

A security deposit is an upfront fee that you pay to your landlord to cover any damage that might occur to the rental property during the time you are renting there. If there is damage to the property, a portion of the security deposit can be used to rectify the damage and bring the property to its pre-rental condition.

What Types of Repair Does the Owner Cover?

The owner will take care of repairing anything that pertains to normal wear and tear on carpet, walls, and appliances. These are things that are typically damaged through normal day-to-day usage.

What Does a Security Deposit Cover?

Sometimes damage occurs beyond the normal wear and tear of items. Do you have a pet that is a bit on the destructive side? Your security deposit could be used to repair Fido’s shenanigans. Perhaps there are sizeable holes in the wall or other noticeable damage. The security deposit will be used to get the rental in shape for the next tenant. Here are a few things that a security deposit could be used for:

  • Pet damages
  • Unpaid rent or other fees
  • Fixing unapproved modifications to the property
  • Fixing unreported maintenance issues
  • Replacing damaged appliances
  • Replacing damaged blinds or other window coverings

How to Preserve Your Security Deposit

A security deposit is there to protect the owner and the tenant in the case that damage to the rental property should occur. If you are a tenant and would like to receive a refund check at the end of your rental agreement instead of a list of items that need to be paid for with the deposit, there are a few precautions you can take.

  • Communicate with the owner or property manager: Keep open communication with the owner or property manager. If there are any problems or issues with your property, let someone know about it.
  • Don’t delay reporting maintenance issues: Delayed maintenance will only grow into more significant problems. Report issues as soon as you sense a problem.
  • Pet-proof your space: If you have a pet, make sure to take precautions to avoid having pet-related damage. If you have a rambunctious dog, obedience training would be a good plan.
  • Ask permission: If you want to make any changes to the rental, such as new paint, hanging pictures, or adding a satellite dish, make sure you get the permission of the property manager or owner first.
  • Be careful: Accidents happen. But take extra precautions to be careful to avoid unnecessary damage.

When you’ve done your best to leave the property in good shape, you can expect to receive some or all of your security deposit. At Cobalt Creek Property Management, we make sure to get the deposit back to you in a timely manner. The law states that the refund must be issued within 60 days, but we strive to get it back within 30 days. The refund check will come back with all roommates listed on the check, so plan ahead when you are ready to deposit the check.

Contact Us Today

When you use Cobalt Creek Property Management, we take the stress and hassle out of handling the ins and outs of security deposits. Give us a call today, and we will help you with all your rental needs.

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Why Choose Us?

We know you have a lot of choices when it comes to finding a property manager in Denver and the surrounding cities in Colorado. We specialize in the latest technology, with unparalleled efficiency, and an extreme focus on quality communication.

We utilize every available resource to effectively manage your Denver area property rental and leasing needs.

Tired of renting or being a landlord? We're also a full-service Colorado real estate broker. We offer complete representation for both home buyers and sellers.

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Contact Us Today

We're happy to help you with all of your questions, concerns, and requests. Give us a call today.

Cobalt Creek Property Management
2301 Blake Street, Suite #100
Denver, CO 80205

(720) 613-0010