Many individuals make the mistake of thinking they can handle all aspects of Condo Leasing on their own, and the results can be disastrous. Even worse, they may end up renting their condo to incompetent tenants and lose a great deal of money. If you want to avoid these problems, it’s best to seek the help of a professional real estate broker. Unfortunately, many brokers only talk the talk. In order to succeed in this business, you’ll need to find a broker who is devoted to representing owners’ interests.
Fortunately, the FHA allows condominiums to impose leasing restrictions. Condos may also have governing documents that restrict the use of certain amenities or features. If a condominium has a 100 percent affordable housing restriction or an age restriction, for example, it may prohibit certain types of activities. However, it is possible to work with the Board to ensure the condo’s leasing policies don’t go overboard. And, if there’s a leasing cap or minimum rental rate, the association may need to approve the lease.
While the cost of renting a condo can be higher than owning one, you may find that it will be less expensive in the long run. Since rents are on the rise in many areas, owning a condo could be a better investment in the long term. Additionally, renting allows you to move without selling your home and avoid a down payment. It’s important to consider the pros and cons of Condo Leasing, and choose a rental property that meets your needs.
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