Condo Renting Considerations

Condo Renting ConsiderationsTo an unsuspecting renter, they may speculate the renting a condo is the same as renting an apartment. However, renting a condo actually comes with more regulations and requirements than renting an apartment. For example, a condo has multiple owners and decision makers including the building owner, the HOA, the board of directors and more. Therefore, there are some additional considerations to make before deciding to rent a condo. More importantly, however, is ensuring your possessions are secured with the best Champaign Renters Insurance available.

Even while renting a condo, you are not eligible to participate in or vote at HOA meetings as you don’t have ownership interest. Therefore, if there is an issue, you would need to discuss it with the owner of the condo or have another owner represent your concern in the meeting.

Furthermore, renters may not be able to attend board meetings. “Some tenants attend the board of directors meetings every month to observe. Usually, they are tenants who are looking to buy [a condo in the complex] in the future, so they want to become familiar with how the association operates,” says Stephen Bupp, owner of Condominium Ventures Inc., a condominium management company in Greenbelt, Maryland.

There are covenants, conditions and restrictions (CC&R’s) which place regulations on parking, shared community spaces, upgrades, electing HOA officers, and more. All tenants, renting or owning, must abide by these rules. Otherwise, penalties and fines will apply to the owner.

Lastly, it’s important to rent a condo from a trusted owner. If they are faulty on their mortgage payments or their HOA dues, you may be fined or evicted as a result. Therefore, rent from someone you can trust and depend on.

If you’re considering renting your first condominium, make sure to protect your investment with a comprehensive insurance policy. Please contact us at Myers Insurance Group at (855) 534-5707 and we will craft a policy tailored just for you.

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