There are different ways to invest in the real estate. Buying a condominium is one on the lists that people think could give money in return for the investment. But how do you know if a condo is a good investment? How does one can make money from condo unit? Renting out your condo is profitable, and the process is manageable. If you set up it right from the start, the money earnings can give you a benefit. So, if you have decided to rent out your condo unit, here are some helpful tips.
Prepare necessary documents
The first important step is to inform your homeowner association for the rental approval. Some condos permit rental, but others do not. They have certain rules of tenancy period like 1-2 years before you can have it rented. It is better to set an appointment to the board to determine the correct process and review the copy the covenants, conditions, and restrictions of the unit.
Know your market
Before taking your unit to the market, it is important to set your product, placement, and price. Considering the place as the product, make some improvement and fixing the place. Aside from making it look nice, secure a good condition to all parts of the unit. It could give a good price. You need to consider also the amenities, location, neighborhood conveniences that your condo offers. You may consult an agent for the price suggestion. They know well in this field.
Enhance your insurance
Upgrade your insurance that will cover the tenants. A rental property has exclusive coverage including damages and liability coverage for your assets.
Prepare the legal papers
Hire a real estate lawyer to manage the rental application and lease. The two documents will protect you, including your property and your investment. The legal will also prepare other local laws and agreement regarding the rentals.
For rent announcement
After the preparation of the legal papers, you can now post and advertise the availability of your condo unit. There are a lot of ways to do it this time, newspaper, flyers, and social media. As soon as you receive an applicant, screened and verify relevant information provided on their application form. You can conduct a personal interview and ask a modest application fee to screen out unqualified renters.
Consider short or long term earnings
For short time rentals, you can set adjustable rates on a daily, weekly, or monthly basis. This deal can give you a higher earnings than the long term lease. And it would make you a chance to use the space now and then. For the long term rentals, you will receive monthly payments lesser than the short term rental. But this is the best solution for owners that do not use their units for a longer period.
Having a condo is not only having a place to live in, but it is also a great financial asset. So, are you ready to buy your first condo and earn money from it? Try the units offered in Zen Condos; you might consider choosing one of it. I hope this article would help you in the process and make it easier for you when you decide into being a landlord.