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Ten Things to Consider When Renting Out Your Condo or Loft



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By : Andy Asbury    99 or more times read
Maybe you want to sell your condo or loft, but just have not been able to find a buyer. Or maybe you want to continue owning it and build some equity, but you have a desire to live elsewhere. Whatever the reason for doing it, condos and lofts can make good rental properties. But there are some things to keep in mind as you consider whether you want to be a landlord.


Is it allowed? test

Check your association documents to make sure that you are even allowed to rent out your home. Some associations do limit the practice.


Property management

Do you want to find tenants? Draw up the lease documents? Collect rent each month? Field phone calls from tenants at, potentially, all hours of the day? If not, consider hiring a professional property manager. That person will take care of everything and, if you are lucky, the only time you will think about your property is when the monthly rent arrives.


Utilities

Some landlords have their tenants pay utilities (those that are not covered as part of the association fee, anyway). Others set rent at a level that covers utilities, and then pay the bill each month. Some renters may like having to write just one housing-related check each month.


Rent price

While you probably will want the rent to cover your costs associated with owning the condo or loft, asking potential tenants to pay too much is a big turn-off. A professional property manager can help you set the rent at the right price. If you are doing it on your own, check to see if there are other units in your building for rent. If there are, and your condo or loft is similar to all the others, you will probably have to charge a similar amount.


Tenants

Be careful about who rents your place. It is a good idea to call former landlords, and to do credit checks to make sure the person has a history of paying bills, and makes enough money to cover the monthly rent.


Furniture included?

Decide if you will leave any stuff behind for renters. Some renters will be willing to pay more each month for a furnished condo or loft.


Maintenance

Sometimes, renters move into a place and then want everything fixed. Or they use an appliance so much that something needs to be repaired. Many landlords write into the lease that renters will be responsible for the first $50 of all repairs.


Pets

Will you allow your renter to have a pet like a cat or dog? While places that allow pets may be more attractive to some potential renters, there is some risk in allowing animals. However, most landlords who allow pets in their properties ask for a non-refundable pet deposit.


Stage

Just as staging is important when selling your condo or loft, it is also important when trying to rent it out. Renters want to see cleanliness and neutrality. Just like buyers, they must be able to picture themselves living there.


Detachment

When you sell a place and buyers move in, you probably will not see it again. You will not see the changes that have been made. But when renters move in, you will see it at some point. It is best to stop thinking of the condo or loft as your home, and just think of it as something you own. You likely will see changes renters have made, whether they move furniture around or use space differently than you did. Do not be offended.
Minneapolis condos rent for top dollar when condo and loft owners in the Twin Cities turn to Andy Asbury and his pre-defined "condos Minneapolis" search features found exclusively at: www.MinnesotaLoftsAndCondos.com

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