Zero deposit or cash deposit

Magic_Sister

Hi all, hopefully about to take a tenancy fir a new property in the next few days. Obvs won’t have the deposit back from the previous tenancy upfront, but could find it if needed. 

This EA offers the zero deposit scheme. However upon looking into it, I would pay 1 week’s rent, tenants insurance monthly, and an annual renewal fee, but if at the end of the tenancy there were deemed to be any repairs I would still have to pay fir them too?
so my question is, is it betterto pay a traditional deposit if I can?
Thanks! 

anselld

Yes you are still liable for damages at the end.

Zero deposit is a money-making scheme for the EA and should only be considered if you really cannot find a traditional deposit up front.

AdrianC

The point of the "zero deposit" scheme is if you simply don't have the month's rent to hand.

Assuming you leave the place in good condition, the total cost to you of "zero deposit" is a week's rent plus the "renewals", the total cost of a month's deposit is nothing. You need to pay for the costs of any damage either way, obvs.