While you love your condo in Florida, you feel you are ready to sell it. That said, you also may want to wait a few years to see if its value increases. In the meantime, could renting the condo out be a good idea?
Before you proceed too far, know that resources like The Nest offer tips on renting out condos the right way. Save yourself the unnecessary hassle by gaining proper insight.
Read over your documents
Before you do anything, look over your condo documents to make sure you can rent out your unit. If so, note what you are and are not permitted to do. It is a good idea to let your association board know what you plan on doing.
Check the latest laws
Once you have the okay from your association board, do some digging into the most current laws and regulations, so you follow the latest ordinances and anti-discrimination laws. Also, learn more about your rights and responsibilities as a landlord as well as your tenant’s rights and responsibilities.
Know what you are up against
Do you know what a rental space like yours goes for in your geographic location? A real estate professional can help you here, better ensuring you do not list your rental price too high or too low, so you can rent your space out as quickly as possible.
Check-in with your insurance agent
Someone else you need to talk to about your desire to rent out your condo is your condo insurance agent. True, tenants should have their own insurance for their own belongings, but you want to ensure the protection of all structures in your condo against tenant incidents and damage.
This information is only intended to educate and should not be interpreted as legal advice.