Security Deposit Question

[wilt2448]

I will be going to the Villages this summer in either July, August or September for my first visit. I have a chance to rent a Designer home with a pool for a very good price (even considering summer rates). It is being rented through a real estate agency. They will take $1100 for any of those months, furnished and including all utilities. They want a deposit of $500 to reserve it at time of booking (no problem). One month before I move in they want an additional $400 as a security deposit plus the rent. In other words they want from me a total of $2000 before I move in. They say the $900 will be refunded to me within two weeks after the rental expires if everything is left in the condition it was found.

My question---Is this standard operating procedure for rentals down there? It's been a long time since I rented anywhere and I'm a little uncomfortable with giving them that much extra money upfront. If this is standard operating procedure I guess I'm okay with it. Does this sound reasonable and customary for the area? What guarantees do I have that I will actually get the $900 returned to me if I leave it in the condition I found it?Thanks for any advice....Wilt

[samhass]

What's more common is a !000.00 dollar deposit and the full rent money 60 days in advance.
If you leave things as you found them, you should get your entire deposit back. Enjoy your visit. ;D

[Lil Dancer]

I think that's farely standard policy. We used to have a place we rented out. Our policy was a $500 security deposit. 60 days before occupancy, we asked for the full month's rent. If sometime between the 60 days and the start of occupancy the tenant wanted to cancel the rental, we did so if we were able to re-rent the premises. This was all spelled out in the rental contract. This is a benefit to the tenant - if you have your rent already paid, they aren't able to rent it out to someone else, or otherwise deprive you of your rental. Likewise, you can't back out at the last minute and deprive the owner of a rental. For example the owner may have had other people interested in the rental for the same period, but he/she rejected them because you are renting. Does your rental include taxes, or are they going to charge you extra for that? How about cleaning fees? Often times there is an extra $75 charge for cleaning.

[wilt2448]

Thank you Sam and Lil Dancer for the feedback. At this point I have only talked to the real estate agent. I have not seen the contract but on the phone the real estate agent said the $1100 rental included EVERYTHING but I didn't specifically ask about taxes or a cleaning fee.

The feedback from both of you indicates that the arrangement the realtor spoke of is fairly typical, I guess. My main concern is whether I will get the $900 back and in a timely manner. I will absolutely leave the house in the same condition I found it. I know you can't necessarily answer that. I guess that I must simply trust the owner and/or the agent to be honest since once I get back here recovering the money if not refunded would be difficult even if it's covered in the contract. I understand why the owner would want a security/damage deposit also. I guess I must simply trust.

Thanks again for the feedback. I am still open to any more input....Wilt

[DENNIS G]

Just make sure everything is in writing. If it isn't there might be problems. Anything you do around here, get it in writing. Have a great day and welcome to TV when you get here.

[samhass]

I have been fortunate enough to have wonderful renters in my second Village property.
I go over on their last day in the home and check things out. I have been able to fully refund their deposits on the spot. I did screen carefully in advance. I'm sort of obsessive about cleanliness and I care for my property and properties. I let this be known and also tell prospective renters "If you aren't willing to keep the home as you find it, please do not rent from me." Everyone so far has been immaculate and I have not been disappointed. I've also met some wonderful people that I would not hesitate to rent to again.

[Irish Rover]

Wilt - I have rented at TV for the last six years and each time we have had to send a security deposit - usually $500. Each year we did receive the deposit back with one to two weeks after leaving. We also have had a $50 to $75 cleaning fee assessed by some owners (not all). That second $400 that the rental agent is asking for sounds excessive but only because we haven't been charged with it. My 2009 rental agreement (contract in writing) calls for a $500 deposit which we forfeit if we back out. There is also a $50 cleaning fee. We send our first months rent as well as $50 for TV resident card 30 days in advance of occupancy. Second months rent is paid during our first month or we can pay it when we mail in the first month.
Some said to be sure and get a written & signed agreement :agree:. That's a must. You will have a great time and most of what your agent is asking is normal. Everyone has some item that is different in their contract. See if they also will rent you a golf cart - if so it will probably be cheaper than TV rentals.
Good Luck :bigthumbsup:

[Lil Dancer]

That's a good point about the golf cart. We always included a golf cart with our rental. it will save you some $$. Perhaps you can get the real estate agent to email you a copy of the rental agreement so you can check it all out in advance. Good luck.

[Muncle]

I know this is very unlikely to happen, however . . . my first winter here, I rented a villa for some visitors. I was a total virgin in this type of deal and contacted one of the many realtors for help. I arranged a patio villa close to my home at a rather exorbitant price (problem was I needed only one week in January --- that's when everyone wants to rent by the month). When we went to the place, it had obviously never been occupied. No cable yet installed. Several pieces of furniture and stuff missing (no night stands, one bar stool, no coffee pot, probably some other stuff and the phone was not connected). When we eventually reached the rental company, they agreed, after many many excuses, to put them in a different villa about 5 miles away. This one was okay except one of the smoke alarms started beeping the first night. For three days, we complained about it. Finally they returned one day to find a fresh(?) battery on the counter. Not installed, just sitting on the counter. And, of course, there was no ladder to reach the smoke detector. And it took over 2 months to get the deposit back.

Next time I have a similar situation, they're staying in the new hotel. Much nicer and actually cheaper.

[wilt2448]

Thanks to everyone for the responses. I feel more confortable now. I will definitely get everything in writing. I'm looking forward to the visit...Wilt