If you’re considering renting out your condo, here are three things you won't want to overlook before making a final decision.
First, you’ll want to review your documentation. It’s important to know if your condo association board even allows rentals, and if there are any conditions if you do plan to rent. It helps if you know board members who can help answer any questions that pop up.
Address Insurance & Tax Considerations
You’ll also want to consider insurance limitations and taxes. Your current insurance policy may not extend to any future tenants in your condo. You also need to consider the potential tax increase that could come with converting your condo into a rental.
Decide How Rent Collection Will Work
Of course, it’s hard to collect rent if you don’t have a system already in place. Some landlords choose to use Venmo, Chase QuickPay or PayPal. You can also choose to use free rent collection software but be sure to see if it works for your needs.