Simple deposit mistake could cost you £1500
With one third of tenants facing deposit deduction this year, experts share how you can avoid losing out
When moving out, the one thing tenants often look forward to is receiving their deposits back. However, in the UK nearly one third of all tenancies end with deposit deductions and of these, 13% end with the tenant losing their whole initial payment- that’s an average of £1,434!
When moving out, the one thing tenants often look forward to is receiving their deposits back. However, in the UK nearly one third of all tenancies end with deposit deductions and of these, 13% end with the tenant losing their whole initial payment- that’s an average of £1,434!
With this in mind, insurance experts at Bionic have shared 3 foolproof tips to ensure you never risk losing your deposit again, whether your lease may be personal or commercial.
Being an irresponsible tenant could risk losing nearly £1.5K
On average, the cost of rent per month in the UK is £1,243. Based on the standard five weeks rent requirement, the average tenancy deposit is a whopping £1,434!
More than half the time, these charges are a direct result of property damage, meaning unreported issues or not meeting tenancy obligations can lead to hefty deductions. Don’t risk losing your hard-earned money—take these crucial steps now to safeguard your deposit and ensure a hassle-free move-out!
Who’s really in the wrong?
Did you know that British landlords spend a staggering £4.5bn per year to fix property damage caused by their tenants? Some of the most common reported damage includes burst pipes, water leaks and storm damage1. As a tenant, it is imperative that you report these damages right away to avoid any trouble later down the line.
While discussion around damage issues aren’t always easy, starting a dialogue is almost always better than suffering in silence!
Worrying repair or simple wear and tear?
In most tenancy agreements general wear and tear is often acceptable, versus damages being chargeable to the tenant. However, damage can also occur to properties as a result of prolonged wear and tear, which arguably could leave the tenant liable for not raising the issue with the landlord before any damage occurred in the first place.
Unsure about a couple of scratches? Worry not- most landlords expect general wear and tear such as scratches, minor scuffs or light fading. Things start to become tricker when looking at more noticeable damage that is harder to repair, for example a burn in the carpet, a broken window or a hole in a wall. These incidents can cost a hefty amount of money, with average repair costs for these examples coming in at as much as £1100, £110 and £120 respectively!
THREE tips to increase the chances of getting your deposit back
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Say goodbye to grime
How clean is your home really? Even if you think you’ve deep-cleaned, research has found that 39% of deposit deductions are due to issues with cleanliness! Therefore, ensuring your home has had a deep clean should be your number one priority.
Bear in mind, that whilst professional cleaning services are an expense, they could work out cheaper than your landlord charging you thousands. Most cleaning services cost an average of just £15-35 per hour2.
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Never skip inventory
Upon the start of your tenancy, make sure your agreement includes a full inventory list. When you first move in, it’s a good idea to check everything against the list, making note of the condition of each item and letting your landlord know. This can save you from getting blamed for damage past tenants may have failed to report!
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Honesty is the best policy
The last thing you want is to make your landlord an enemy, so always ensure you communicate with them and avoid leaving significant damage to the last minute. Taking proper responsibility also means you and your landlord will foster a better relationship, which could help you in the long run when discussing important topics such as rent increases or lease extensions. Remember that accidents happen, and even landlords make mistakes.
