Date Posted: 2012-06-08 10:53:10
Site Posted: Myproperty.ph
One of the best ways that you can earn from your condo is to have people rent it. Condos tend to be in high demand because of the strategic location that makes getting to various important establishments easily. If you want to put up your condo for rent, here are a few issues that you need to consider carefully.
1. Take care of the legal issues. Submit a rental application to your condo’s managing agent to let them know of your intent to lease out your condo. Find out if they will take care of looking for a tenant or if you can do it yourself. If the responsibility is yours, ask them what qualifications they want in a tenant, as well as what requirements they may need to be approved.
2. Find a great tenant. A great tenant should be able to make the agreed price for renting the condo. To check if you won’t have a problem with the tenant when you ask for the rent every month, ask them to submit a credit report, which will tell you about their payment history.
3. Clarify who can live in the condo. If you have strict rules about the lessee being the only one allowed to live in the unit, the lease should be clear about this. Tell them to inform you first if they would like to get a roommate, and even then, think carefully if you want to grant their request.
4. Make the other rules in the lease very clear. If you are offering short-term leases, it may be wiser to restrict renovations so you decrease the risk of possible damage or conflict. Also, any policy you may have about pets should be made clear; if you agree to a tenant having a pet but would like additional payment as deposit, put it in the lease. Include a no-smoking policy in the lease if you would prefer to have a smoke-free condo.
5. Remind your tenant about renter’s insurance. Even though the condo itself is insured, it does not cover loss of or damage to the renter’s personal belongings, so it would be wise to require the renter to have his own policy.
6. Note the included condo furnishings. If the condo you are leasing out has furniture and appliances included, make a list of these items and note their condition. Show the list to the tenant and have them sign it so that there will be no conflict regarding ownership and condition.
Renting out a condominium can be a great way to earn money, but it can also be a headache to suddenly take on the role of landlord. Make things easy on both you and the renter by remembering these factors.
Jillian Cariola, Writer
(cover image by Peter Galbraith)
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