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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