New condos in Montreal are selling like hotcakes and this doesn’t come as a surprise. Montreal is a great city and condos are more affordable, are located in the city, and are move-in ready.
But if for some reason or another you’re not yet ready to move into your new condo, it doesn’t mean that it has to sit there uselessly while you continue to pay condo fees. Instead, you can make it earn money for you. To make this a lot easier on yourself, here are some tips to help you out:
Hire a Real Estate Attorney
There are a lot of legal issues involved when you’re leasing out your condo, and your best bet to make sure you comply with all these laws is to get help from a real estate attorney.
This type of lawyer can help you take care of the paperwork, so that you’re sure that your condo documents allow for rentals. Your lawyer can also advise you on whether there are restrictions to renting out your unit.
You have to take care of the insurance, and there may be local laws that also apply to land lords and renters. Discuss with your lawyer and create a legal contract between the renter and yourself.
Who Are You Renting To?
Ideally, the best person to rent your unit to is someone you know and trust. If you’re not a professional landlord, then you’re most like not ready to deal with people who may damage your unit or skip payments. You may not have the resources to do a proper background check.
So your best bet is to stick with people you know or are recommended by friends. Get to know the applicants, and trust your instincts. If you can’t feel a friendly vibe with them when they’re applying to rent a unit, then your relationship can get a lot worse when you have a disagreement with them.
Don’t forget to ask for an employment certificate or proof of income. Ideally, the renter will pay the entire lease period in advance, but then it’s not really realistic to expect this. So try to gauge whether or not they be able to pay the monthly rent. If they’re recommended by someone you know, make sure that they’re willing to really vouch for the applicant.
Check that Your Unit is Presentable
If you have a new condo that you plan to rent out, it’s best that you don’t actually live in it beforehand. That will preserve its “new look” vibe, and also you don’t end up with a lot of clutter and junk. You should also make sure everything is clean. Dust can accumulate even in a unit where there’s no one living in it. Make sure the air is fresh too.
Check that every light works, that windows and doors open nicely, and that your bathroom looks pristine. Fix everything that’s broken.
If you have a website or an ad for your unit, then you can take photos and videos of your condo so you can feature them in your site. Take these photos and videos after you’ve spruced the place up.
Prepare Your Talk
When you’re introducing your condo to potential applicants, don’t prattle about generic benefits like its proximity to restaurants or your workplace. Tell your story in a friendly manner instead, to make it more real. Tell them about how you’re never late to work because it only takes 15 minutes to reach your workplace. Talk about how you once got a craving for Chinese food or pizza, and how you can just walk to this 24-hour restaurant right by your condo building.
Remember, you don’t have to be a professional landlord to rent out your new condo. Do research on the right rent to ask for, and pick a tenant you can trust. That way, your condo works for you even if you’re not living in it yet.