The steps to renting out an owned condo include gaining approval from the condo's homeowner association or similar body, creating a listing on a classifieds sites and creating a rental contract with the new tenant. Owners need to be mindful of local rental and housing laws to avoid violations.Continue Reading
The first and most important step when renting out a condo is to make sure that it is allowed by the governing body of the complex. Part of the ownership involves joining a homeowner association, which is an organization comprised of different home owners in the condo complex that sets rules for living in the complex and handles other aspects of home care, such as land maintenance or tenant requests. If the organization doesn't allow sublets, then there is no way to rent the condo out to a third party. Some organizations do allow sublets, but with certain restrictions or only after approving the applicant themselves.
Once the condo owner has approval, she begins the process of creating listings for the unit on a classifieds site. In these listings, pictures of the property and the actual unit are included to give prospective renters a good idea of what the home is like. The description should also mention the condo's features and any associated fees.Learn more about Real Estate