RENTING A CONDO FROM A PRIVATE OWNER
Living in a Condo building (or community) has advantages over living in an Apartment Community. The units are generally larger, the construction specifications require better quality, there are usually fewer residents, and the owners have a longer term vested interest in the community thus taking better care.
In a condo community each unit is privately owned and individually managed and all landlords are different. You won't find that policy manual in the leasing office, or that maintenance guy down the hall.
DIFFERENCES IN RENTING FROM A PRIVATE OWNER
- Each owner is responsible for the maintenance within their four walls and will be responsible for the repairs
- The Homeowner's Association will take care of a lot of the maintenance outside of your front door
- There are governing rules that you will have to follow
- Each landlord may or may not be financially secure. In today's crazy environment, many landlords think about a short sale or foreclosure. Our team of Condo REALTORS is very familiar with the need to avoid that.
- You most likely will be responsible for working directly with your landlord to on day to day issues
- You will most likely have to care for small repairs on your own.
CHECKLIST FOR EVALUATING YOUR LANDLORD
- Ask questions - Ask if the landlord has any intention to place the condo up for sale
- Make sure that the landlord isnt in default on their mortgage or HOA fees
- Meet your landlord in person - there is no substitute for meeting in person
- Make sure that if you are interested in leasing longer, your landlord will be interested in a renewal now
- Know the repair request process for your landlord
- Who will be responsible for repairs
