Leasing out your condo will bring the best thing into your pocket—EXTRA cash! But are you prepared to be a landlord? Here are some things you need to know before making a decision. Tips that will help you run a condo lease business smoothly.
Checking these out will be worth it and will go a long way. And the best part is the extra cash you’re getting. Let’s dig into the details of what you need to know.
Your association may or may not allow rentals. They may allow only a small percentage of the units in the building to be rented out. Allowing too high a percentage becomes problematic to others buying in the building as lenders often look at ownership rates in condominiums to determine if they will lend on one of the units.
If your associations will allow you to rent your condo, this part is necessary to avoid penalties. Your tenants should know all the do’s and don’ts of your association. As the owner, the behavior of your tenants is your responsibility. You have to ensure they abide by the rules.
Before you accept a tenant, a clear understanding of who pays the condo’s monthly dues should be settled. The decision has to be stated in the lease agreement. But to avoid misunderstandings, it is best to include it in the rent. After all, owners are more caring about their properties than tenants.
Lastly, the best thing in leasing your condo is determining your rental cost. It is best to determine what the market rent is before beginning to market your condo. The rent should be enough for the location of your condo. Rental cost varies from place to place, even within CWE. Prime locations have higher rents compared to other areas.
Leasing your lovely condo is the best way to ensure your unit is not dormant. Someone else will care for your place, at the same time you’re earning!
For detailed information on the state’s landlord-tenancy law, check this link. Or feel free to talk to a lawyer. You can also check this article to find more information about rental homes. The document also includes a link to access landlord-tenant court records.
St. Louis is one of the best places to have a condo unit, regardless of whether you’re an owner-occupant or leasing it. If you’re considering a loft or condo, don’t hesitate to get in touch with our team, St. Louis Premier Lofts. We specialize in selling and buying lofts and condos. Trust us to bring you home!
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