How To Get Your Rental Bond Back
Successfully securing the full return of a rental bond can lead to a substantial sum of money landing in your bank account. That money can be especially useful to cover moving costs, help form the basis of the next bond or simply fund an impromptu shopping trip or holiday.
Successfully securing the full return of a rental bond can lead to a substantial sum of money landing in your bank account. That money can be especially useful to cover moving costs, help form the basis of the next bond or simply fund an impromptu shopping trip or holiday. Navigating the end of a lease can be confusing, but here are a few tips on how to increase the likelihood of your bond being returned in full.
A lack of cleanliness is one of the most common reasons bonds are not refunded in full. It is a legal requirement that tenants leave the rental property reasonably clean when they vacate. Areas often missed when tenants perform their final clean include ceiling fans, light fittings, skirting boards and ovens. Creating a schedule and spreading the task over multiple days will ensure you allow ample time to cover all areas.
If a period of cleaning spanning a few days doesn’t sound tempting, or isn’t an option with time and work pressures, hiring a professional cleaner is a good solution. Contact us if you would like our team to provide a recommendation from the list of quality suppliers we regularly work with. Remember to keep the receipt as proof the cleaning was professionally completed.
Damage to the property is another common reason tenants lose part or all of their bond. Landlords are obliged to accept ‘fair wear and tear’ which translates to reasonable deterioration over time, such as faded surfaces, chipped paint and traffic marks on carpet. Tenants are responsible for ‘damage’ constituting negligent or intentional actions resulting in significant marks, stains, or burns. Understanding the differences between these terms can empower tenants when negotiating the return of their bond with their landlord.
A crucial piece of documentation used to guide the bond negotiation is the initial condition report. It’s within a tenant’s best interest to complete this report thoroughly preceding the commencement of their lease, noting any seemingly small damage and including photos to record impairments.
“A lack of cleanliness is one of the most common reasons bonds are not refunded in full”.
During the lease, tenants should be quick to address any repairs or maintenance issues that may arise. Getting in contact with your property manager promptly will enable them to contact the landlord to approve repairs, rather than running the risk of something going unreported and becoming an issue at the close of the lease.
For vacating tenants, the final two steps are to ensure any outstanding rent is paid in full and return all sets of keys. Bonds are held by The Residential Tenancies Bond Authority and the funds are usually returned two or three business days after receipt of completed forms.
Following the above suggestions can greatly boost the efficiency of receiving the bond back in full. If you need any further assistance or have any questions, please contact our Marshall White Property Management Team (03) 9822 8711.