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Old 05-26-2009, 11:33 AM
 
Location: Murphy, NC
3,223 posts, read 8,888,785 times
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I plan to rent soon and I've noticed some people renting their condos for which ever reason. I'll consider renting a condo. What's different about it, is their something extra I should know? Isn't there an extra monthly cost to maintain the community? U know because they're normally in buildings where other people live. What's the biggest reason people rent their condo as opposed to someone renting their house?
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Old 05-26-2009, 12:17 PM
 
Location: MN
761 posts, read 3,178,541 times
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You will have to check with your prospective landlord to make sure your rents cover the fees or if you are responsible for paying the HOA fees. Usually it should be included in the rent as it is the owners responsibility to pay the HOA fees.

I own a condo and rent it out. I think the neighborhood is a bit better as most people that live in the building have a very important stake in the look and condition of the building since they own them, unlike regular apartment rentals.

Good luck and hope everything works out for you.
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Old 05-26-2009, 05:29 PM
 
Location: Maryland
1,667 posts, read 8,766,060 times
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Check with the condo association (they'll have one). You may be responsible for your share of pool maintenance, lawn care, security... Regardless of the vacancies, the people living there will have to share 100% of the expenses. The fewer residents, the higher the assessments. Ask what the occupancy is and what your responsibilities are. Other than money, people live in condos because it's easy. There are a lot of hidden fees with this type of living.
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Old 05-26-2009, 07:16 PM
 
Location: Long Beach, CA
2,071 posts, read 11,420,322 times
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Most owners who rent out their condos is because they can't sell them in this market.
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Old 05-26-2009, 08:04 PM
 
Location: Seaford, Delaware
3,484 posts, read 18,304,567 times
Reputation: 2681
Some condos are purchased as investment, some are rented because of relocation or some for financial problems. Make sure anything you rent has all your questions answered in the lease. Condo fees should be addressed in the lease. That is, who pays them. it does not matter how much the fees are if the LL pays them, just make sure it is stated in the lease.
Any other concerns, ask and have the issue addressed in the lease. If the LL refuses to put it in the lease and tells it it's verbally OK...walk as fast as you can.
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Old 05-26-2009, 09:24 PM
 
Location: Long Beach, CA
2,071 posts, read 11,420,322 times
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I've never heard of tenants paying for the HOA dues. Of course, I'm sure it's "hidden" in the rent. I would also suggest asking to see a copy of the Rules & Regulations before you make a committment. The R&R's can be very harsh.
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