01 Oct Things to Consider Before Putting your Condo for Rent
Putting your condo for rent is one of the most lucrative ways to earn some extra income, although it is somehow different from renting an apartment. However, before you rent your condo to prospective tenants, there are some things you must consider. To make the most of your condo rental, consider the following factors.
- Be Ready for Landlord’s Responsibilities
Having decided to make money from your condominium by renting it out, you must realize that you have automatically become a landlord; and you must be ready for the responsibilities involved. You must be aware of the legalities involved in renting out your unit. Inform your tenants about the rules and regulations that govern occupying the unit to avoid being evicted. Ensure to keep the law to your side.
- Condo Renovation
As a landlord, before putting your condo for rent, you must carry out a condo renovation. Know that your condo is not the only one in the entire Toronto area. As a result, you should renovate your unit and make it highly habitable for your prospective tenants. To attract as many potential tenants as possible, condo renovation in Toronto is compulsory. Clean the unit, repaint, furnish, and change its locks. You can hire an expert for home staging and make your condo attractive.
- Determine the kind of Tenant You Want
Renting out a condo had always been better than selling it off. However, you must decide what you want in the type of person you want to rent your unit to. Discuss with your property manager the qualities you are looking for. Discuss the rules and regulations of the condo (the HOA rules) and your rules that the tenant must abide by.
- Consider the Local Rent Laws
Failure to abide by the local rent laws can cause you to be fined. Find out the applicable rent laws in the locations of your condo. You are likely required to register the property or get a business license. Some regulations limit the amount you can collect in security deposits and the interest you must pay to the tenants at the end tenancy. Educate yourself about your local rent laws to avoid hefty fines.
- Determine the Right Price
When you consider the cost of condo renovation Toronto, the expert’s fee, and other expenses incurred, you need to determine the right price to rent out your condo. Note that the amount you want to set should not be outrageous and be excessively higher than the costs of similar condos around. Consider the prices of comparable condos around. Factor in your expenses and discuss wit ith your property manager for advice.