7 Things to Consider Before Renting a Condo
I wanted to live near my workplace; I am considering renting a condo.
Renting a condo unit is the best option for highly urbanized locations like Metro Manila, Metro Davao and Metro Cebu for example. House and lot projects in this areas are lesser because of limited lot area or space. It is also in this areas where job opportunities are high. Thus people living from the provinces move to the urbanized cities because of work.
In Metro Manila, for example, the nearest housing projects like subdivisions are already located in Cavite, in which by bus takes an hour or two away from the metro. In Cebu City, the new development projects are located one to two hours away from Metro Cebu. The challenge of getting caught in traffic takes away time that is supposed to spend for rest and a time for the family.
Because of this majority of the working individuals or families would prefer to rent out condo units just a few meters away or even walking distance away from their workplace. Some of them would prefer condo units that are open for rent-to-own payment scheme.
So we have prepared a checklist that you can use when you are considering to rent (or purchase) a condo unit;
1. Significantly consider the location.
The first thing you must take into account when renting a condo is the location. Is it near your office, or near the school of your kids. Will you be able to save time and money if you rent this condo? The location of the condo is necessary because the reason why you are renting a small space in the metro, it is because you wanted to save time and money and spend more time with your family, then spending it in a long commute.
2. Examine the fine print of your lease agreement.
Never sign a rental agreement without reading the fine print. You may discover hidden fees or regulations that you were not expecting. Also, if you are the owner of the condo, there may be landlord duties that you are unwilling to fulfill or can’t perform if you plan on renting your condo or only using it at certain points during the year.
3. Read the rules and regulations carefully before agreeing to a lease.
They might not allow you to own or do certain things. For example, does the condo rental you have in mind allow pets? Alternatively, do they have policies about painting or decorating?
4. What are the Additional Fees other than the usual condo dues?
Be wary of hidden fees. Think about other charges that will also drive up the rent. Some things can include:
- Fitness Center Fees
- Maintenance Fees,
- the electricity rate, and
- water rates
5. Read the minutes of board meetings and amendments to the Board of Directors.
Before committing to a lease agreement, read the minutes of the condo association. It will give you an idea of what you can expect from your neighbors. Reading the minute can tell you if a particular neighbor will cause problems or make staying in the condo stressful or awkward.
6. Who will take care of the unit maintenance?
Maintenance is, often, included in condo rentals and purchases, but it will cost extra. It means paying another fee. If it not included, that means you will have to do it yourself or hire someone separately to take care of your unit while you are out of town.
I hope this helps you find the right condo unit to live-in. Consider this factors when your planting to rent out a condo unit in any parts of the country. For your convenience, Filipino Homes have a good number of units available for you. Search here.
Xy-Za Yape is a founding member and a blogger of Filipino Homes. She is also a PRC and HLURB Registered Real Estate Professional and a Licensed Financial and Investment Advisor. She is a Hubspot certified in Inbound Marketing. She is also the co-founder of Iligan Bloggers Society, Inc.