A security deposit is any money paid by a tenant to a landlord that protects the landlord against damage to the rented property, failure to pay rent, or expenses incurred due to a breach of the lease. This escrowed money, which can be as high as two months of rent, often becomes a point of contention between landlords and tenants. Assuming the terms of the lease have been followed and there is no damage beyond normal wear and tear, the landlord must return a tenant’s escrowed security deposit, plus accrued interest, within 45 days following tenancy. If the landlord fails to do this without a properly documented good reason, they may be held liable for up to three times the withheld amount plus interest, court costs, and other legal fees.
So, the day you've been waiting for is finally getting closer and the renovation that turned the "project" into a more livable home is about done. The contractor approaches you for signature for the final payment-the one that will not only pay for the final phase of the renovation but which will authorize the release of the mandatory lender hold back money (usually 10%). The lender's inspector will validate the completion of the work as well, so you don't have anything to worry about. They'll catch anything that needs attention...right?
We are a proponent of using recycled building materials to augment a renovation budget or to support unique, "one of a kind" creative solutions to renovation/home improvement projects. It can not only be thrifty, it can also be a fun "treasure hunt!"
Adding in a claw foot tub... We salvaged a cast iron claw foot tub from a Victorian-era motel a couple of years ago. We had to bring in a professional plumber because some of the fittings had to be custom made in order to work with the modern system installed in the house, but it is very functional and one of the highlights on our impromptu home tours.