What Should I Do When a Condo Is Being Forced Into Rental?
When you rent out your condominium you are starting a business, the business of being a landlord. That means you must understand the legal requirements, research your market, produce a budget, keep records, and maintain the business.
Eligibility
Start by determining if you can legally rent your condominium. Your mortgage, or the rules of your homeowners association, may contain language requiring owner occupation. Read both your loan documents and homeowners association's covenants, conditions and restrictions. These are binding documents and must be followed. If you find restrictive language, ask for a waiver. The lender or association isn't required to give one but may find good reasons to do so.
Understanding Legal Issues
In general you are legally required to meet local building codes and provide such basics as heat, light, water and a weatherproof building. Some states and municipalities add particular requirements to these basics. LandlordAssociation.org provides information for all 50 states.
Security deposit problems are the most contentious issue between landlord and tenant. The most common complaints involve failure to return a deposit, and damage claims by the landlord.
To avoid disputes, do a walk-through of the condominium with your tenant and record any preexisting damage. You each need to sign and keep a copy of this document. When the tenant vacates, you must provide an itemized list of damages he caused, or refund his money within a specified time period or pay a penalty. The time and penalty are set by the laws in your state.
A listing of each state's security deposit requirements can be found at landlord.com.
Business Matters
Do a day's worth of research on rentals in your area. Find out the rental rate for properties similar to yours--most of your competition will be in the form of apartments. Be realistic and recognize that your financial need may exceed the market.
Write up a brief budget based on your market rent. Account for all known expenses, including homeowners association dues and utilities that are your responsibility. Make sure you have a contingency fund for unplanned emergencies. As a rule of thumb you should have not less than the replacement cost of your most expensive appliance.
Inform your insurance agent of the changed status of your property. Your agent will also be able to explain the benefits--both to you and your tenant--of requiring that your tenant obtain renter's insurance.
Finalizing the Deal
When you rent, get a written lease. Find lease templates on the Internet by searching for "lease template" with your state name. Talk to your renter about renter's insurance, and make sure a clause in the lease states that you are not liable for her personal property. Make sure she has a copy of your homeowners association rules, and include an agreement to follow them in your lease.
Consider hiring a professional company to manage your property for you. As a starting point, discuss the idea with the company that manages your association.
Don't forget to keep all your expense receipts; you will need them at tax time.
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