Wednesday, April 01, 2009

Tips to Rent Out Your Condo

It’s a tough time in the real estate world what with the market crashing because hundreds of homeowners defaulting on their mortgages. If you’re looking for a buyer for your property now, the prospects are not too good. It’s easier to rent, especially if you have a condominium or similar property. If you’re looking for tips on how to find good tenants for your condo, read on:

1. Check out local laws and regulations on hiring a tenant and setting rent.

2. Some states require you to register before you put your property up for rent.

3. Read up on real estate, especially on the going rates for properties in your area.

4. You need to set rent to an amount that’s neither too high nor too low. You can do this by looking at local classifieds to see what others are charging for similar property. Alternatively, you could talk to other landlords in the area to decide on an appropriate amount.

5. When deciding on the rent, you need to include your mortgage and operating and maintenance expenses for the condo.

6. Condos that are on higher floors and those that have great views tend to go for higher rates.

7. If you plan to increase the rent every year, be upfront with your tenants. You also need to check your local ordinance to see how much of a percentage increase you can effect annually. You may have to submit a written application and inform your tenants beforehand.

8.Check out tenants before you rent. You don’t want troublemakers or people who’re not going to take care of the property.

Some condo owners, especially those who live in places that are filled with tourists during holidays, turn their places into vacation rentals, homes they rent out during vacations to tourists. On the upside, you get a higher rent for letting out your place for just a few months each year. And on the downside, your place is empty for most of the year (especially if the tourist flow is seasonal), so you lose out on the money that could be made in rent.

Others decide to sell the house and invest the proceeds in another form of investment. As the owner, it’s up to you to decide what to do with your condo, but whatever you do, make sure you are informed about the pros and cons of your decision before you take the final step.

This post was contributed by Courtney Phillips, who writes about online bachelor's degree. She welcomes your feedback at CourtneyPhillips80 at gmail.com

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