Have you ever wondered what caution fee means? This term is fast becoming very popular among landlords. Caution fee is a fee that prospective tenants are expected to pay which would serve as a financial replacement for any future damage done to the apartment. Property owners often claim that the fund is refundable on the condition of a damage-free apartment.
However, tenants have raised eyebrows towards this arrangement. They see it as another subtle ploy of landlords to milk them dry of their resources.
THE LANDLORDS PERSPECTIVE
Most tenants are careless in handling their apartment. They mess up the apartment, thereby making the landlord to carry out heavy maintenance and repairs. After a tenant moves out, the apartment would need to be repainted, door knob broken, kitchen cabinet destroyed, electric wall socked pulled out and many more damages. This is the situation that many landlords face. Hence, they impose caution fee to use such amount to carry out any necessary maintenance. This would serve as checks and balances.
Nevertheless, no matter how good the case for a caution fee, most tenants have frowned at it. They complain that the fee is not refunded when packing out. For this reason, they are reluctant to pay such a fee.
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