How to Rent Out a Condominium
Renting out a condominium can be very rewarding financially, since condos are in hot demand and easily rented out on good rates; however, before you jump into renting out a condominium, you need to thoroughly have the potential tenant investigated just to be sure you do not rent your place to someone with a criminal record or a habit of making late payments. If you manage to rope in a good tenant, then you can just sit back and enjoy the profits of renting out a condominium.
The first and the most important thing is to ensure that all your legal documents are in order and that you are allowed to rent your condominium according to the provincial laws. You also need to find out and check the conditions a tenant has to meet in order for a condominium to be rented out to him or her.
Your next most important task is to check if you are properly covered with liability and fire insurance. If all is in order, you will casino online need a standard lease, which will serve as an agreement between you and your tenant. The time of the lease entirely depends on you, and you can choose it to be a month-to-month or even a year-long lease. You can also discuss this with the tenant and settle on what is mutually acceptable to both parties. You can always add extra terms according to the bylaws of the homeowner”s association, as this can be done on a separate piece of paper.
Sitting and waiting will not get you anywhere; you need to let prospective tenants know that your condominium is available for rent. It is best that you give an advertisement in your local newspaper’s classified section. Always give full details and specifications of your condominium when marketing it. For example, the number of bedrooms, bathrooms and other amenities a tenant can enjoy if he/she rents your condominium. If your advertisement has all this information, it will certainly generate the interest of many potential tenants out there. You can also list your condo with a real estate agent, who will attract many clients and thus speed up the process of getting your condo rented out. Alternatively, you can also hire the services of a company which specializes in, and has a history of locating qualified tenants for condominiums.
Once you have your prospective tenants, conduct one-to-one interviews in order to gauge them and select one which you feel comfortable with staying in your condo.
