12 Oct 5 Things You Need to Know about Renting Out Your Condo
In renting out your condominium, there are facts and legislations to bear in mind. These legislations may be ones such as the residential tenancies act and the condominium property act.
These legislations state the guidelines tenants and condo owners should always observe. Apart from legislation, it is essential to be fully informed to be able to rent out your condominium successfully in any area your condo is located.
Here are the 5 things you need to know about condo renovation:
1. Rental Caps
The rental cap is the number of renters allowed to give out properties per time in a condo building. It is a mechanism put in place to ensure there’s a stable demand for buildings. You have to bear in mind that you might need to wait in the HOA list to be able to rent out your condo eventually.
2. Know the Policies
There’s a control on the amount you can put on your condo in certain circumstances. This is meant to keep the price range of condos in check. There are also situations where you have a limited duration of the rental period. This means that you cannot rent for less than a speculated period in case you intend to beat the price down.
3. Maintain Your Condos
Maintaining your condo ensures that you can rent it out for a higher amount. It is not uncommon that prospective tenants visit condos and eventually end up not taking up the condo due to poor maintenance of the condo. Prospective tenants have a mindset they are supposed to move into a ready-made home. If the home needs repairs, there is a high probability that the house will not be taken up except of course the prospective tenant is desperate. A condo in shape would make a better impression in the minds of the prospective tenants.
You increase the chances of your condo being rented when it’s with good security features. Standard security doors, a working alarm system, and security cameras all ensure that prospective tenants build that trust with the property. Apart from the safety, these provide to tenants, it also puts you in constant check of your condo. And of course, you can charge prospective tenants for the additional security features you have painstakingly included.
5. Create a Rental Property Lease
This is the rental agreement. It states the terms of tenancy and the rental policy. It would typically contain the amenities that would be enjoyed, the period of tenancy, rent due dates, the tenant information, property description, pets, notices, insurance, and other important details.
It is important to have in your arsenal this knowledge before you set out to rent your condo. It will enable you to avoid a lot of issues that may come up and help you rent your condo out at a reasonable value.