Five Pointers Before Signing Up for a Rental Condo

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There is a growing shift in people wanting to own condo units in the Philippines these days. This isn’t surprising as many potential homeowners are now seeing the perks of condominium living. Condominium owners and renters enjoy benefits like increased privacy, a larger selection of home features and customization options, and easier maintenance and upkeep. For the likes of pre-selling SMDC condos, residents can also avail of commercial and banking services right in the same building.

 

Condo purchases aren’t always easy, or affordable for that matter. As such, many individuals prefer to go for the rental option either as a short-term solution or as preparation for an eventual ownership down the line. If you are planning to rent a condo yourself, you need to remember these pointers:

 

1.      Know everything about the rental condo market.

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You can’t just go to a realtor and ask for any condos that are available for rent. Before all else, you must thoroughly research everything about condo rentals. Take inventory of all available rental properties in the location that you plan to live in, as well as their typical price ranges. Take stock of rules, regulations and requirements for rental arrangements, as well. This will require some footwork, either by going through to the local agencies or asking around from friends and acquaintances who live in the area. Browsing online can also work.

 

2. List down your expectations for your rental unit.

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Do you prefer a studio-like apartment or do you prefer a property that offers elbow room for expansion? Take note of the things that you expect to have when you start living in a rental condo. List requirements like number of rooms, space for laundry, floor area, and even proximity to key features like business or commercial centers. Knowing what features you want for your rental condo will help you avoid the trap of impulsively signing on a contract for a property that is ill-suited for your needs.

 

 

3. Ensure that you are financially stable.

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Renting a condo unit may be cheaper than buying one from the get-go, but it can still be a drain on your resources if you don’t check beforehand. Make sure that you actually have enough money to pay your dues for the duration that you expect to stay in the condo. In the end, you may resort to signing up for a shorter-term rental contract to avoid any unforeseen financial burdens in the future.

 

4. Are there extra features you would like to have?

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Prospective condo owners and renters tend to look at additional amenities offered by the property as part of the deal. If you are like these kinds of people, you might want to scope the place out for additional features like pools, bike lanes, exercise centers and the like before signing up. Be advised that you may end up having to strike a compromise between the rental payment scheme and the amount of extra amenities you can gain access to.

 

5. Always make final and clear discussions with your prospective landlord.

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Many disputes arise from unclear statements in a rental contract. Before signing your rental contract, clear any and all questions and discrepancies that you may have with your prospective landlord. These may include payment schedules, additional fees, taxes, utilities and maintenance costs, and even trivialities like pet ownership or garbage collection dates.

 

 

 

Rental condo living is an exciting first step to eventually purchasing your own unit. Just remember to follow the pointers listed above to make your rental life worthwhile. Once you’re ready to purchase SMDC condos for sale, don’t forget to get in touch with Harold Team SMDC Condos!