Questions To Ask When Renting A Condominium Unit
Among the most popular rental properties in the Philippines nowadays are condominium units. A lot of condo owners purchase their units for the sole purpose of renting it out to students, office employees, and sometimes even for short-term use of foreigners and balikbayans who are visiting the country for a few days or weeks.
Renting a condo in the Philippines is not the same as renting a house or an apartment. There are some other aspects of living in a shared condominium building that needs to be considered. Below are some of the questions that you could ask if you are thinking of renting a condo unit.
- How much is the rent? This is always among a list of questions you should ask whether you are renting a condo unit or another type of residential property. Make sure to clarify whether the amount stated is a daily, weekly, or monthly rate especially if the unit is sometimes rented on short-term basis.
- Is there a deposit required and how much is it? It is standard practice to ask for a deposit and advance rental fees when renting out a property so make sure to ask the condo owner if you need to pay a deposit and/or an advance fee.
- How long is the contract? Clarify the validity of the rental contract and what happens should you decide to terminate it early. Some owners forfeit any deposit should the renter terminate the contract prematurely.
- Who pays the association fees? Condominium buildings charge association fees to the residents of each unit. This amount is often charged based on the floor area of your unit which means that the bigger your condo unit is, the bigger your monthly association fee is as well. This monthly fee is used by the building administration to pay for maintenance especially of common areas, for salaries of security guards, for electric bills, and other common expenses incurred by the building.
- Does rent include parking space? When someone purchases a condo unit, a parking space is usually not included. This is often purchased as an add-on to a condo unit which means that a condo unit you will be renting might or might not have a parking space. Make sure to ask the owner if renting the condo unit includes the use of a parking space so you can make other arrangements if necessary.
- What facilities are available? Many condominium buildings offer a variety of facilities such as a swimming pool, function rooms, and gyms. Check out these facilities and ask the owner whether you are free to use them for the duration of your rental contract.
- What are the building rules and regulations? Many condominium buildings implement a somewhat strict set of rules and regulations. Make sure to ask for a copy so you will know the dos and don’ts in the building.