If you’re looking for rental property, condos are a wonderful alternative to a traditional apartment.
Before you head out to look for condos for rent, there are a few key things you should be aware of before you sign the lease.
Check out this list of five key things to know about renting condos, so you can be ready to take the leap.
1. You’ll Likely Rent Directly From the Owner
An apartment complex is typically run by a property management company or a single landlord. With condos for rent, each individual unit has its own, separate owner.
When you pay your rent, you will most likely be paying the individual owner of your condo directly. Make sure you know exactly who you’re renting from before you commit to a lease.
2. Condos For Rent Still Have Standard Leases
Just because a condo is owned by an individual, it doesn’t mean that you won’t still need to sign a standard lease. This paperwork is there to protect both yourself and the owner of your condo.
Leases are legal documents, so make sure that you read all of the terms and the fine print carefully. Overall, it should contain the same or similar language that you’d see in a traditional apartment lease, with perhaps a few small differences.
3. You Might Have to Pay Extra Fees
Many condos have some kind of association where each owner pays a monthly fee. These fees typically cover things like trash removal and landscaping.
Find out if you’re responsible for these fees as part of your monthly rent, or if the responsibility lies with the owner of your unit. Either way, it should be made clear to you how much the fees are, who’s responsible for paying them, and what they cover.
4. Ask About Insurance
Whether you’re planning to live in Wilshire park condos or other property for rent, you’ll probably need to get at least some form of insurance. Renter’s insurance will cover your belongings, but it won’t cover things like the structure itself.
Condo insurance may differ slightly from standard renter’s insurance, so be sure to talk with a professional insurance broker. When you have insurance, it will help pay for things like damaged items, furniture, and the property itself.
5. Find Out About Amenities
One of the perks of renting a condo is that you’ll likely have access to a wide range of amenities. Whether it’s a community gym or swimming pool, many modern condos have plenty of amazing perks.
Find out if there are any additional fees to use these amenities just in case you have to pay for them separately. A newer condo could also offer extra perks like a rooftop garden or a commons area.
Start Your Condo Adventure Today
Keep these five things in mind when looking at condos for rent. With the right information by your side, you can find a beautiful condo you’ll love to live in for years to come.
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