Date Posted: 2012-06-18 10:30:45
Site Posted: Myproperty.ph
Renting a condo unit may seem similar to renting a house, but there is a significant difference between the two. For one thing, you need to follow two sets of rules: the lease provided by the unit owner, and the rules that are enforced by the condo complex itself. Knowing this fact as well as others will make sure that you understand everything about condo renting before signing the lease.
Give the condo a good once-over. Have a look at the condition of the condo, as it will tell you a lot about fees, residents’ satisfaction and other important factors. If the residents have not been paying their fees on time, they may be dissatisfied with the way the condo is being managed. Also, if a condo looks unkempt, it may mean that the cost of maintaining it has gone beyond the condo’s resources, and that these damages can only get worse.
Check out the unit you’ll be renting. Visit the condo for rent and make sure that everything is in order (strong water pressure, adequate electrical outlets, enough space, etc.). Make sure to note any damages that are already in the unit and tell the owner about them so you won’t be blamed for them. Check for safety measures such as smoke detectors and proximity to the fire escape.
See if you are allowed to have a housemate or two. If you’re planning to save on rent by getting a housemate, be sure to ask the owner and the complex if they will allow it. Some condos have strict rules regarding the number of allowed occupants per unit, and sneaking in another person can be seen as a violation of your lease and the complex’s rules.
Read the other terms of the lease carefully. Make sure that you thoroughly understand what the lease and the condo complex require from its residents before you sign anything. Ask them about things like condo association fees, parking spaces, pet ownership, use of amenities, smoking in the unit, allowed renovations and who will be in charge of repairs. Owners and condo management may have different views on the rules of condos for rent, but management usually has the last say.
If you do decide to rent the condo, remember to ask for a copy of the condo restrictions so that you can compare it to the lease. Ask the owner to clarify anything that seems contradictory before signing the lease so that you won’t get in trouble for unknowingly violating any of the restrictions of the condo.
Jillian Cariola, Writer
(cover image by Michal Zacharzewski)
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