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Updated over 7 years ago,
General Security Deposit Question
Hello All. I've searched BP for answer to my questions, but was unable to find anything specific. I've been reading up on security deposits recently in response to renting my first property. My questions are:
1) Do you charge the tenants for repairs done yourself? For example, if there's a fist-sized hole in a wall that I fix and repaint myself with leftover supplies that I didn't have to purchase, then what? Do I deduct from their deposit? If so, see next question.
2) If so, how do you know what to charge if you're not a handyman or professional? Do you get quotes from professionals as part of the process?
I'd be interested to hear your stories and experiences when it comes to making repairs following a tenant's exit from your property and how that impacts the deposit. I'm familiar with the concepts behind security deposits so let's assume that repairs are needed in excess of normal wear and tear. Thanks all!