What Should You Know About Renting Your Condominium In Edmonton
on Thursday, January 18th, 2018 at 2:19am.
When renting a house in Edmonton, there are various types of houses to choose from. Based on the needs, one can either choose a single family home, a duplex or a condo. For tenants, the task is all about choosing a house, but from the landlord’s perspective, different types of property have different rules when it comes to renting. If you own a condominium in Edmonton, there are some important aspects to keep in mind before you put your condo for rent. Here are a few of them.
Informing The Association Is A Must
Unlike a single family home, the setup of a condominium is more like a community. So, the process of renting for apartments is much complex than that of a single home or duplex. The community of people living together in a condominium is governed by an association. Therefore, when you decide to rent your condo, it is a must to inform the association as they can help you out with specific regulations with regards to renting your condo. Also, it’s better the association knows about your plan of renting from you rather than from some other source and create problems for you.
Know The Rental Cap
The association of a condominium has the authority of setting up regulations for its residents. One such regulation generally found is the rental cap set by the association. A rental cap refers to the number of apartments that can be put up for rent. The purpose of this rule is to maintain the community feeling by ensuring more permanent residents and minimize frequently changing tenants. Also, permanent residents keep updating and renovating their condos which increases the value of the condominium.
Know The Rent Fee Restrictions
The association has a major say in almost all the condo-related matters. Hence, to maintain the standards of the condominium, the associations usually set a rent amount limit. There is a minimum rent limit which the owner of an apartment has to stick to. You cannot simply decide to keep any rent amount.
Know The Lease Limit
Major condominiums have a limit to the number of times you can rent your apartment. So if you plan to keep renting your condo without ever residing in it, make sure you first find out if it is allowed in your condominium. Also, the duration of your lease is something that has to be approved by the association. While you may get tenants who plan to stay for more than a year, the same might not be allowed by your association.
Tenants Have To Abide By The Condo Rules
When you plan to rent your home, you need to choose a tenant carefully for the wellbeing of your home. However, when you rent your condo, you need to be extra careful with the rules and regulations of the condominium will also apply to the tenant. If your tenant is unruly and does not abide by the rules, thinking that they do not apply to them, you will be at the receiving end. The bad conduct and inability to follow the rules by your tenant could lead to you being penalized.
When renting a condominium in Edmonton, always ensure that you abide by the rules and regulations of your condominium association. Also, for the wellbeing of your apartment, make sure to rent your condo to good tenants. If you plan to put your condo for rent, take help of an experienced real estate agent from one of the finest realty business in Edmonton.