Determining The Monthly Payment For Condos For Rent
There is a lot to consider when handling condos for rent
. Aside from getting the property ready for a new occupant and making sure that you have all of the necessary paperwork, you also need to determine how much you are going to charge as a security deposit and how much you are going to collect each month. Before you settle on a final number, make sure that you take into consideration all of the different expenses.Security Deposit
Different owners tend to collect different amounts for security deposits. As a rule, you want to have at least one month's payment upfront as a deposit. If you are going to allow pets in the rental, make sure that you collect a little extra. There is a good chance that the space will need an extra thorough cleaning or some items to be replaced if the dog or cat gets out of control. You do not want to bear the entire burden of that expense on your own.
The Monthly Payment
If you still own any money on your condos for rent, you are going to want those monthly payments to at least cover the mortgages. The point of putting them up for lease is to have someone else paying that cost while you are building equity in your investment property. But covering the minimum payment is not always enough. There are other expenses that you may want to factor into the payment.
Consider how much you are required to pay as far as your maintenance fees go. Do you pay them monthly, twice a year, or once a year? Add this cost to the monthly payment that your renters are going to pay. You can put the money in a separate account and pay the maintenance fees when they are due. It makes sense that the entire expense of these properties is being taken care of by the current residents.
Also, some owners charge a little bit above and beyond the mortgage payment when it comes to their condos for rent. They want to have some money set aside in case something should happen. While the goal is always to have the property look the same way it did when it was handed over to someone else that does not always happen. Sometimes there is damage. Other time, there are problems and maintenance issues that need to be addressed. The extra money goes into an account and when something happens, the cost is not a huge burden to the owner.
Looking at Other Properties
Aside from the mortgage, the maintenance fees, and the extra expenses, check out other condos for rent in the area. You can get a good idea of how much a unit is going for that has a similar square footage to yours and one with similar amenities.
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