How To Solve The Biggest Problems With Condos For Rent?

 

 Back in the mid -1960’s, when the condominiums were born, they were meant to become an affordable housing, alternative to the traditional homes. Just because of their low prices, many rented aspired for the better quality living arrangements and bought a condo unit.

Over the time, Condos became pricey due to a substantial increase in their construction and sales, driven by demand fueled by the low-interest rates. The industry eventually becomes saturated with many condo units, which caused two major economic crashes in the history.

Condos markets became saturated as the pool of available buyers dried out. This placed the condos complexes in the precarious position of having unsold units not contributing to monthly maintenance dues. The empty units were eventually rented out. Consequently, many such complexes became a mixture of condo owner- residents and renters.

In the condos ownership arrangement, all unit owners strive to ensure that the condo complex is run properly, with common element areas kept clean and in good repair. Such common care is conducive for the better living conditions in comparison to the apartment living.
In contrary, a renter doesn’t have the personal stake in the ownership of the condo building and may not be committed to looking after the complex as the unit owner.
Must check the following details for taking condos for rent.
  • Don’t buy into a condo complex that has rented out more than 25% of its units. 
  • The exception to this rule may be condo complexes located in popular tourist resort areas or heavily congested, major downtown hubs, with high rental demands. 
  • Must check carefully the amount of common loan that the complex may be indebted to as any debt above the 25% of the yearly budget may turn out detrimental to complex’s survival.
Avoid such risk, by making sure how many condo units are being rented out. You can do so by visiting the complex and can talk to occupants and owners of condos for rent or apartment for rent in the complex. Stay clear from such complex. It very well may have the dark future.

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