Things To Remember Before Renting Out Your Condo Unit
Nowadays, there are numerous condominium buildings that you can find in anywhere in Metro Manila. The popularity of these condominium buildings can be attributed to the many benefits of living in a condominium especially if you are in Metro Manila. Most condominium unit buyers either purchase one for their own personal use or for the unit’s potential as a rental unit.
The earning potential of renting out your condo unit is quite obvious with the number of Makati condominiums for rent alone. In business districts like Makati, condo rental prices can go higher than home rental prices in other areas. If you are thinking of purchasing a condo unit or you have a Bonifacio Global City condominium for rent, below are some tips that can help you before you rent out your condo.
- Get your condo ready. Before putting up any advertisement for your condo unit, make sure that it is ready for viewing. Your condo unit has to be liveable already. In other words, the condition has to be ready for moving in. You will have to decide whether to offer a furnished or an unfurnished condo for rent. If you choose to furnish it, you will have to purchase and place the furniture and appliances beforehand.
- Spread the word. Before putting out an advertisement online or in newspapers, try to ask your families and friends first if they know anyone who might be interested to rent your condo unit. It is often better to have someone you know rent out your unit instead of renting out strangers that you do not trust.
- Make an advertisement. If you do not know anyone who is interested in renting out your condo unit, make an advertisement and post it in your building’s bulletin board if there is any or in public places in the vicinity. You may also want to post an advertisement online especially in forums, online communities, and sites that accept advertisements.
- Have a rental agreement. No matter who will be renting your condo unit, it is important that you have a formal rental agreement which should be signed by you and the renter. This is for the protection of both your interests. Your rental agreement should include items such as the association fees, changes in the unit, deposits and advances, termination of contract, and many more. Consult a lawyer or someone you know who has been renting out a condo or house. And before both of you sign the agreement, make sure that each item is clearly understood by both parties and that all questions are addressed.