Utah law requires landlords to handle security deposits within specific timeframes and follow clear procedures. Here are the key requirements:

You now have 30 days to return the security deposit to your tenant. If they aren’t getting the security deposit back, you’ll need to send a letter explaining why. The deposit or the letter has to go to the last known address. In the past, you had to wait for the tenant to provide you with a forwarding address, but now you cannot wait.

When your tenants move out without giving you a forwarding address, the last known address you’ll be sending the deposit to is probably the address of your property or unit where they had been living. You might send it and get it returned to you. If that happens, just file it until you do get a forwarding address.

There are essentially three types of letters you can send, and your tenant will get one of these three. The first type of letter says “congratulations, you’re getting your whole security deposit back.” You’ll include the check with that letter. The second type of letter will say “congratulations, you’re getting most of your security deposit back, but there was some damage to the property, and this is what we kept.”

The third type of letter will explain that the charges for damage exceeded the amount of the security deposit and you’ll be pursuing legal action to recover the rest of what is owed.

If tenants don’t receive their deposit back, they have to send you a notification in writing. This is also a change. They have to give you a forwarding address and let you know they are requesting their security deposit. Once they notify you, get that deposit back right away. In the state of Utah, you will be penalized for not getting that deposit back to them. You’ll need to refund their full deposit plus a $100 fee.

Also, if they take you to court and win, you’ll be responsible for their legal costs. That’s not something you want to deal with, so send back that deposit on time.

The changes in laws regarding security deposits can be hard to keep up with. Contact our SLC Property Management office today, and let us help you with security deposits in your rental property.

When you’re moving out of town or having trouble selling your home you face a common conundrum: should you rent it out, or sell it? Let’s look at this question and the pros and cons of each.

Building Long Term Wealth

If you want to build wealth over time holding onto your property is usually the better strategy. Here’s why:

• Holding onto your property allows you to add value to your assets.

• Renting out your home can help pay your mortgage and earn rental income.

• Your property will likely increase in value over time.

Selling should only be considered when you need immediate cash flow. If you need quick access to funds selling your property can be a good solution. But for long term wealth creation holding onto your property and renting it out is usually the better option.

The Problem of DIY Property Management

Many homeowners are hesitant to be landlords because of the perceived headaches of dealing with tenants. If that’s your main concern there’s a solution: professional property management.

A property manager can:

• Handle everything to do with renting out your home

• Be your local point of contact if you move out of the area

• Fix maintenance issues quickly

• Collect rent on time

Why Local Management Matters

Managing your property from afar can be tough and costly. Here’s why local management is key:

• Maintenance issues need to be addressed immediately

• Rent collection problems need to be solved quickly

• An uninhabitable property or non-paying tenants can escalate your expenses fast

Hiring a property manager is usually more cost effective than trying to manage a property from afar. They can provide the local presence and expertise to keep your investment profitable.

Make Your Decision

Still unsure whether to sell or rent your home? Contact a professional for advice. At Advanced Solutions Property Management we’d be happy to help you weigh your options and make the best decision for your situation.

Every homeowner’s situation is different. What’s best for one person may not be best for another. By considering your long term financial goals and personal situation you can make an informed decision whether to rent or sell your Salt Lake City home.

What are typical maintenance costs with property rentals? When owners ask what they should expect, we recommend budgeting between 5 and 10% of annual rental income for maintenance.

This covers both unscheduled and scheduled maintenance.

Property Age

Newer properties naturally require less maintenance, resulting in lower expenses. Older properties however are likely to need more frequent repairs.

Scheduled Maintenance

It’s critical to prioritize preventative maintenance. This means not postponing regularly scheduled upkeep of the property, like changing out the air filters, repainting walls when necessary, and making sure all systems are serviced annually.

This is particularly important for major systems like HVAC and plumbing, which is where the highest repair costs can occur.

Keeping these systems in good condition will save you money in the long run, and neglecting maintenance can lead to larger, more expensive problems over time.

You’ll also have a harder time renting the property, creating a snowball effect.

Vendor Relationships

Rental property managers in Salt Lake have access to reliable maintenance personnel, and highly qualified, trustworthy vendors.

This network of dependable professionals is a valuable resource for property owners, and it’s a good idea to have this pool of people that you can rely on to do good work.

They’ll give you an honest estimate, and provide quality work for your property and tenants. It’s a significant advantage of hiring a property management firm.

When managing a property yourself, contractors often come and go, but property managers develop long term relationships with vendors, and this ends up benefiting you and your property.

Property managers will have access to reliable maintenance personnel and highly qualified vendors they can trust. It’s a huge resource to have this pool of people that you can rely on to do good work at your property. They will give you an honest estimate and provide excellent work. This is a great example of why you should use a professional property manager. When you’re managing your own property, the contractors you use often come and go. Property managers develop relationships and that ends up benefitting you and your property.

If you have any questions about maintenance on your property, or how to prepare for the associated costs, please contact us at Advanced Solutions Property Management. We’re here to help!