Things an Owner Should Know When Allowing Others to Rent a Condo

Now that you have made that investment in a rental condo, what next? If you have lived in any type of communal housing, then you know that not all neighbors are made the same and as a landlord, you need to be careful about who you allow living in your property to avoid future complications. Here are some areas you need to cover to enhance your chances of accepting a good tenant.

  • Local or Expatriate

This actually runs both ways. If the tenant is local they should provide a copy of their National ID card, while foreigners should provide a copy of the photo ID page of their passport. Landlords are obligated to notify authorities when a foreigner moves into their property within 24 hours. Be sure to check that the passport is valid and ideally should expire after the lease period is over if a short term tenancy. This ensures that the tenant will not disappear on you before the lease is up.  If you are an overseas landlord, you may want to have a local property agent handle the renting out of your property.

  • Job Stability

Renting out to a person with permanent employment or contract that extends beyond the lease agreement period is most ideal. You can be assured they will have the necessary income to be paying their rent on time. For business owners, their reliability will mostly depend on cash flow and their own financial competency. You may need to rely on references to help determine if they make for a good tenant choice. You may also request for a copy of their work permit or visa to ensure their papers are in order and that they are indeed employed.

 

  • References

Many tenants often come from previously rented accommodation. If you find this to be the case, do ask for references. They can provide you with the contacts of their previous landlords who you can talk to. Find out about their reliability in paying rent on time, and how they treated the property and their neighbors. You will want someone who can live peacefully with others and respect your property so you get it back almost the same condition as you handed it over.

  • Number of Occupants

This is very important with smaller properties. It can be a risk to rent out a simple studio to a family of five. Chances are all those people in such a small space can end up damaging the property so that not even the deposit will be sufficient to cover repairs. Plus, it can be an issue with other residents in the building.

  • Legal Processes

Lease agreements are pretty standard the world over. This section pertains more to documents foreign tenants may need you to supply them from time to time. When a foreigner is applying for resident certificates, filing taxes, or wants to get a marriage visa, they may need your assistance with copies of the house registration, your copy of ID, and signature. You will need to be comfortable about providing this, otherwise, let them know before signing any lease.