Important Aspects to Ponder Before you Handover your Condo to a Tenant

Buying real estate property in the heart of any city can be a dream come true for a commoner. The Downtown area and other portion neighborhoods near the business district are always in demand and have a high price tag. That’s why it is not easy for everyone to buy property in these neighborhoods. So, when anyone gets a chance to get their hands on such real estate, this is one opportunity nobody wants to miss.

If you are trying to buy a condo to earn some income by renting it out, this is a good option used by many people. You need to be wary about some actions before handing out your real estate property to someone else. Especially if you are dealing in condos for small apartments/flats, there are some rules and regulations concerning the mortgage and other factors you must adhere to.

So, is this something really difficult or complex to handle? Read on as I discuss some important factors in this regard so that you won’t rue your decision to rent out your condo.

Important Factors to Think about 

After buying a condo, the first step is to find a tenant. This is not very difficult nowadays as you can post the ads online on various forums and social media platforms. If you have any particular preferences or requirements about the tenant, you can also post them so that you get exactly the person you are looking for. This is an important aspect as most people don’t think about it. So, let me clarify this further for your easy understanding.

Suppose you have bought a condo with two bedrooms with all the other regular features present in a condo. One of the most important things that anyone would want to know is about the family’s size trying to rent out your condo. As you have just two bedrooms, surely you won’t allow eight to ten people with children to live in your condo. One factor that makes anyone go nervous is how those people will live in the condo, and they will treat the place nicely.

As you will offer them a brand-new condo, you must be wary about these aspects and what will happen to the place once they leave? A family with young children and toddlers can make the place a real mess as it is natural with the young ones. Even if they are offering handsome rent, will you be ready for this? Not many would oblige but only those who need the renting amount for emergencies or as a monthly income.

Mortgage Amount and Other Financial Aspects 

Many people make a common mistake as they assume that they have been renting out the place to someone else; they will have to pay the mortgage or any other taxes. This is precisely the opposite of what you have to do because, as the condo owner, you have to pay all the mortgage and any other taxes.  Never assume that the person living in a place is automatically the one responsible for all the taxes and other amounts. By law, the unit owner is the person responsible for all the timely payments of all the taxes or any other obligation by the government.

Tenants with Pets

We all love cats and dogs and cats, and the majority of the families have one or two pets with them. But not all landlords are contained with their tenants moving in which pets in their condo or any other place. So, right at the onset, you have to clearly define to your tenants whether you are ok with this or not. Explicitly tell them that if they can move in with a single pet, all of them or nothing at all. And your tenant has to comply with this rule because you are the landlord, and you can direct them on how they are going to live in your condo.

Over to you

If you want to know more about all the rules and regulations that are applied for a tenant, the landlord, please ask questions, and I will reply at the earliest. If you want to add something to this blog want to give your honest feedback, please use the comments section below.