Anyone who knows about real estate is aware that location is a big deal. That holds true whether you talk about single-family homes or condominiums. But it is especially true if you plan to invest in a condo and rent it out to someone else. Condominiums make great rental properties, but there are some things you must keep in mind if you want to be successful.
Location is number one. While your renters could be almost anyone, people who rent want to be close to things that are important to their lives. If you want to rent to college students, for example, you can not do much better than owning a condo close to a college or university campus. If you want to rent to young professionals, condos that are near Businesses, or restaurants and clubs, are your best bet. If you plan to be a landlord, a condo that is in the middle of everything, rather than on the outskirts, is your best bet.
Desirability is number two. It is highly likely that, even in the unit in which your condo is in, you are not the only person with the idea of renting it out. Potential renters will likely have options, so you need to make your condo stand out. How? If your condo has more space than condos around it, you are in good shape. Amenities like a washer and dryer are also helpful. Potential renters also will appreciate being able to park in a garage, as opposed to the street. If you are going to rent it out, plan ahead, because many of these are things you have to consider when you purchase the unit.
There are a few other things to keep in mind. Make sure you understand the rules of your condo owners association, and that your renters do, too. It would be a bad situation if you did not tell your dog-loving renter that dogs are not allowed by your association, for example.
It may also be worth it to you to hire a property manager. While it might cost you a month worth of rent and $ 100 a month, despite, having a property manager may be worth your while. Not only will managers find potential renters and screen them, but they also will collect the rent each month and handle all calls from the renter. It very well may save you a middle-of-the-night phone call or, worse, having a renter who does not turn out as well as you hoped.