Not every condo purchaser lives in their unit, many people purchase condos as investments and rent their units out.
Review the rules and regulations of your condo in detail. Your future tenant has to follow these rules in order to be compliant. The rules and regulations include valuable information and must be passed on to your tenants, because if they don’t abide by them, you’re the one who’s liable.
Setting the rental price of your unit can be tricky, you need to do your research about the local market, as well as other factors you may need to consider. Find out what other comparable rentals are going for in your building and in your neighbourhood. Consider what other utilities are included in your pricing as well as building amenities.
Having the right insurance policy can help reduce the risk of any issues you may come across. Landlord rental insurance will protect you against problems with a tenant, any unexpected maintenance or damages, as well as any loss of income.
In the world of real estate, there are many ways to make money. Renting out a condo is definitely one of them. Condo rentals are a great addition to your investment portfolio.