Tips for Renting Out your Condo
Exactly what tips for renting out your condo do you really need to know? It should be easy right? Just stick a sign in the yard and wait for the applications to roll in, right? Wrong. Below are things you need to seriously think about before you start the process of renting out your condo.
By definition, a home, typically part of a larger building, that comes with shared common areas such as yards and garages. And the maintenance of the home is done by a hired help instead of individual owners. Yes, you pay for that convenience in condo fees.
Another issue with condo ownership is that you can’t just rent out your place even when faced with hard times. Follow these tips so you can know how to rent out a condo.
Read condo association rules
Nearly all condos have a set of rules established by a condo association that governs the ownership of the units and renting. Review these rules and regulations to understand existing policies regarding renting out your house.
Know your condo association restrictions
Look out for renting deal-breakers such as limitations on the length of lease terms and on whether pets are allowed. Also, check if the current ratio or rented and non-rented condos will accommodate your condo in case the condominium association has put a limit to the number of units that can be rented out at any given time.
Review the condo rental approval process
You’ll have to go through a rental approval process to rent out your condominium. It usually involves having the prospective renter complete an application form and submit both financial information and references. In some case, a fee will be required and the tenant may be subjected to an interview. In addition to reviewing the bylaws, make sure you contact a board member to ensure you’re not in violation of association rules.
Make sure your tenant understands the rules
As an owner, you’re responsible for making sure the tenants abide by the condo’s rules. The best way to accomplish this is to include a clause in the lease that talks on adhering to association rules. You can also hire a Clovis Property Management Company to ensure that the process is done right. Call Real Property Management Platinum today – (559) 324-9400.