A condo in Arlington can offer a lot of value. It is a great place to live, or you could rent your Arlington condo as an investment. A lot comes with being a landlord. Should you rent your Arlington condo out?
While renting your condo out might seem simple, there is a lot you need to consider. It is even different from renting out a home you might own.
This post will cover some of the points you need to consider.
The first thing you should do is review the rules and restrictions of the condominium association. Most condos have strict rules about renting the units. Some might prohibit the practice altogether. Check the bylaws to see what your rights are as it concerns renting the unit.
Other restrictions might exist beyond allowing condo owners to rent the units out. Rules about lease terms are typical. Some condo associations might set caps on how long a lease can be. They might also prohibit short-term leases. There can also be rules about vetting tenants and their qualifications.
You are not using your condo if you plan to rent it out. Maybe your career has taken you to another city for a while. You might have another home in a different part of Arlington. While your current situation might leave the condo open for renting, you need to consider your future.
Do you plan to live in the condo again? Is the condo part of a plan to own rental properties for income? Renting it out can be a way to make money if you have long-term plans for the property. That said, it might not be the best option for every condo owner. If you don’t have long-term plans, selling your condo might be better.
Many people have an unrealistic idea of what it means to be a landlord. They think they can sit back and collect rent. While it can be a way to generate income, there is work and responsibilities that come with renting a property out.
The condo association might handle some of the work that would otherwise go to the landlord. However, the owner is usually responsible for maintaining the unit. As the landlord, you will need to take care of those responsibilities. You will also be responsible for your tenant. It could have consequences for you if they violate the rules.
Reach out to the experts from Arlington Condo with any questions you may have. We are experts in the local condo market and would be happy to help you find the right condo.
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