Renting or purchasing a condo to lease out in Danbury, CT may seem like a straight forward transaction, but consider the following information coming from an experienced local real estate professional.
-Investing: Keep in mind that some complexes have rules on if you were to purchase property for an investment. The rules could include a cap on number of rentals allowed & how long you have to own the unit before they can get leased. There also might be a fee associated with renting your property out.
When in the process of leasing, some complexes require prospective tenants apply to have their credit & background ran through the property manager. Others may require a quick meeting with the tenant to confirm they have read the rules etc. Most associations due request a copy of an executed lease. The lease is always subject to the association rules, which must be provided to tenants. Some complexes might not even let tenants have pets, even if you are OK with pets and the complexes permits pets. There also might be a move in-fee. It is also common to have to complex paperwork with the tenants contact & vehicle information-you also might need to provide a copy of your photo ID. Also keep in mind that complexes don't allow short term rentals, only a 1 year written lease, with it being generally allowed to revert to a month to month basis after the first year is up.
The lease is the most important thing to protect the property owner and tenant. It states what the payable rent is, what the late fee will be, length of stay, who is responsible for what expenses in addition to the rent, what the repair policy is and more. It is nothing to snooze at.
Current owners should always confirm with the HOA on what their policy is. Prospective buyers should contact the HOA prior to making an offer if they are considering investing. Proper tenant screening and reasonable pricing is a much for investor clients wishing to lease their property.
Help is here to both property owners, prospective owners and tenants. As an experienced Danbury, CT real estate professional, I understand the market and process to make a smooth transaction. You can reach me at JonathanHallRealEstate@Gmail.Com or 203-417-0523 to discuss your needs.
Post last updated 9/26/2024
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