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Condos For Rent

Condos For Rent

Looking For Condos to Rent

A condominium is a real estate venture where individuals maintain ownership of specific property, such as a home or apartment, and the other facilities in the complex, such as the community hallways, pool, recreational facilities, roads, etc. are owned by the community as a whole. It can often be seen as a type of corporation where the apartment/home owner is a shareholder in the condominium.

There are a number of things that every individual should be wary of when looking for condos for rent. If you’re like other individuals, or families, looking at condos for rent then you are in that limbo period between renting an apartment and saving to buy a home of your own. When looking at condos for rent you should keep a number of things in mind and make sure to ask the owner and the home owner’s association a number of questions to insure that your are getting what you agree to.

What to look for in a condo for rent

When looking for a condo for rent the most important factor you can consider is cost. It has been stated many times that the American dream is home ownership; if you’re like most people you are looking at a condo for rent as a stepping stone to home ownership in the future. For this reason it is recommended that you spend an average of around 30% of you gross annual income on renting the condo. This means that 30% of your salary, before taxes, should be your budget. Take that number, divide by 12 and you should have the amount of money you should be budgeting for rent and HOA fees. HOA fees are important. You may budget accordingly for the rental of the unit but find out later that your HOA fees put you over the top and the expense of the condo becomes unaffordable.

If you are going to be paying the HOA fees then it is important the you find a place with amenities that you will be using. There is no point in taking a condo for rent and paying for pool maintenance when you never use the pool or a golf course when you don’t golf. You should take a look at the HOA records including the amount of reserve funds that the HOA has for repairs.

Often times condos for rent are offered by the owners of the condo for periods of time that they will be away for business etc. Make sure that your lease for the condo for rent specifically entails how long the lease is for. In many situations the home owner is using the condo for rental property and you can negotiate. It is a good idea to attempt to get the HOA fees waived, or atleast eliminate the fees for amenities that you do not use.

Also, if you are on a current lease from an apartment for rent or another condo for rent you want to be sure that you give the requisite notice that you are ending the lease. If you are a month-to-month renter than you will need to give one months notice. Failure to do so may cause you to forego your security deposit.

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