When you choose to rent a condominium , you may find a different set of requirements or restrictions from a home or apartment rental. There are a number of issues that you must discuss with the property owner or rental agent so you fully understand condo living.
What are condos?
Condos are housing units that have multiple owners for common areas, with private ownership of individual units. When residences have common walls, these walls are actually common property. For example, a wall that separates two living rooms in individual residences is the property of both units.
One problem area of condos involves the number of parking spaces that are available to owners. Find out what the parking rules are, and if parking spaces are assigned, before you make a commitment to a unit.
Condos are governed by a Homeowner’s Association (HOA) or a board of directors. The HOA or board sets up rules that govern what is and is not allowed in the complex. You must ask the condo owner for a copy of the rules before you rent. As a tenant, you are expected to not only abide by the owner’s terms but also those of the HOA.
Complexes may have tennis courts, pools, exercise facilities and clubhouses. You should know in advance whether your tenancy provides you with use of the facilities. Use may require a separate payment or special pass. You may also be restricted as to any guests you might invite.
It may also be in your best interest to contact the board or HOA before you sign a rental agreement. If the condo owner has not paid the yearly dues or maintenance assessments, the HOA may be in the process of taking legal action. In this situation, you could end up being evicted through a foreclosure.
Search for condos for rentand research local neighborhoods and schools at homesandland.com.
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