What Is a Security Deposit?
The experience of owning a home has a number of marked differences from the experience of renting a home, including the way finances work in each scenario. If you have ever rented an apartment, you may have paid a security deposit- but what exactly does that mean? Whether you are thinking of renting out your own home or deciding if you should look at new homes for sale in Orlando, FL, understanding this common rental formality can help you think through all the financial implications of your decisions.
In simple terms, a security deposit is a sum of money that a new resident pays to their landlord or property management company upon signing a lease and moving into a home. The payment is meant to…
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