subject: Condo Rentals Have Their Advantages - Learn About The Good Points [print this page] Condo rentals have their share of perks for the owners of them. This might be the time for you to think about getting into the market!
Not everyone uses a rental condo in exactly the same way. For some individuals, it may be used as a second home - your "home away from home" so to speak - that is found in a favorite vacation spot. As the owner, you use it whenever you can get away. You may also permit family members to use it when they want to take a vacation, but for the majority of the time, you rent it out on a short-term basis.
There are other people who use their rental property differently. They think of it as just a rental and nothing more. It is not a place they go to when they need a break. They are landlords, and they rent the place out to tenants.
Location
One of the advantages of condo rentals is that you get to choose the location. It can be anywhere that you wish. In many urban settings and resort spots, condominiums offer all sorts of amenities that are attractive to renters. Some prime examples of these include workout rooms, spas, saunas, swimming pools, access to beaches, tennis courts and golf courts.
For those who purchase a unit downtown to rent out, people who live and work in the city will be happy for the short commute. The close proximity to nightlife, restaurants, clubs, museums and the theater is also likely to draw a lot of people in. The condo association imposes rules and regulations upon the tenant. This is good for the landlord because it means certain problems, such as noise issues, will be dealt with by the association.
Extra Income
The additional income derived from condo rentals is a definite benefit of purchasing a unit in a condo complex. The renters pay what they owe on a monthly basis and the owner-turned-landlord collects the money. It is a win-win situation for both parties.
If you decide to buy a resort condo and you will not be around much, you can hire a management agency to handle all of the particulars in regards to renting out the unit. The company will take a percentage of the rent in exchange for the work that they do for you. This can be a simple and efficient way to handle things, especially if you live in a different city or state from where the vacation condo is to be found.
Regardless of whether your place is geared towards short-term visitors on vacation or longer-term tenants looking for a more permanent home, you can still hire a company to handle all of the details if you would rather not do it yourself.
In most complexes, exterior maintenance of the building is taken care of by the homeowners or condo association. This means that the tenants are not responsible for the upkeep of the building, the grounds or the parking area. All outdoor issues are taken care of internally.
