You have heard so many times about the benefits of renting out your condo. But you need to know that renting a condominium is different than an apartment. As a first-timer renting your condo unit, understanding the rules may be tricky. So, don’t just feel excited about the money you are going to earn; instead, try to accomplish the procedure with minimum hassles.
You have more things to consider as a condo landlord than just taking photographs of the space and posting them on the internet. So are you all geared up to become a landlord? Do you have the skills to deal with tenants? Be sure you have the same amount of energy that you once had when investing in new condo developments Kelowna.
Here are things you need to consider when renting out your condo unit
· Stock to the rental rules
First and foremost, you need to check whether you can rent the condominium or not. Besides seeking permission for renting, you need to know about various other regulations governing condo rentals. Both the tenant and landlord need to know about the rules and regulations for condo rentals.
· Survey the market
Before renting your condo unit, try to survey the market inside out to find out whether it is worth your effort. Try to consult with a Kelowna real estate agent for investigating the market to know the amount of rent you can expect. Typically, the rent you get depends on the number of bedrooms you offer. Apart from this, the locations, the amenities offered, availability of parking space determines the rent you can ask for. You need to collect as much information as you need with the help of the real estate agent and analyse the recent rent trends in your neighbourhood.
· Finding tenants
A majority of tenants looking forward to renting condominiums look online while searching for homes. Therefore, you need to create the listings appropriately. If you want to increase the chances of getting tenants quickly and completing the deal, try to list with Justin O’Connor Group.
They are one of the trusted sites to make the listings informative. Uploading clear photos of the entire space will help tenants visualise the unit. Remember that an attractive listing comprising the features is the best way to attract good tenants who will expectedly pay on time and also take care of the property.
· Checking the documents
Have you organised the documents of your condominium comprising information about leasing, restrictions, and conditions prepared by the HOA? You need to read between the lines and note relevant information related to leasing permission. That way, you will become acquainted with the limitations easily.
· Set your rent correctly
When renting your Kelowna condo, setting an unexpectedly high amount of rent will make you more frustrated. Try to sneak into the market rental rates. Setting the right rental rate that resonated with your location will surely attract good tenants and lead to quick rentals. If the rent amount is your only source of income, make sure you compare the income and the expenses. While the fixed expenses include insurance fees, mortgage payments, HOA fees, and taxes, the variable costs include remodelling, utilities, and repairs. You must compare the income and the expenses to set the rentals correctly.
· Screen the tenants adequately
You may be in a hurry to rent your condo unit but do not skip the tenant screening process or do it causally. Remember you are planning to give the charge of your property to someone you hardly know. Therefore, a good deal of screening is necessary to determine the quality of the tenant. Make sure the tenant you choose pays the rent on time and has no criminal history. If you own a unit in Kelowna condo developments, filter the tenants and choose them correctly from the heaps of calls and email intimations you receive each month.
· Check the insurance
You need to know how to safeguard the condo unit, so check what the insurance policy covers. You may need to check and update the insurance policy to make it work.
· Prepare a written agreement
Preparing a written rent agreement is the best you can do to communicate your expectations and get protection from legal risks. The clauses you include must adhere to the state laws and the entire agreement need to comply with the state laws.
From screening tenants to collecting rent for your condo unit is an enduring task. So, you need to go through the checklist above to rent your condominium to the best tenant.