4 Mistakes to Avoid as a Condo Rental Owner
While being a condo owner can be rewarding, managing rental properties isn’t easy. It comes with many complexities, especially if you, the condo rental owner, lack the necessary skills and knowledge. This increases the possibility of costly mishaps. Understanding the errors you’re likely to make can help ensure successful condo management. Discussed below are four mistakes to avoid as a condo rental owner.
Skipping hurricane protection
Hurricane protection comprises a range of measures to protect condos against the destructive effects of tropical storms and hurricanes. The systems commonly used to safeguard against hurricanes include impact resistant-windows, hurricane shutters, roof bracing, and reinforced doors.
These systems are meant to alleviate damage caused by heavy rainfall, flying debris, and high winds. According to the law, including the 2024 Florida condo law, condo owners are responsible for the expenses of setting up hurricane protection systems for their properties. This involves buying and installing certified systems in compliance with local building codes and association guidelines. In addition, condo owners must maintain these hurricane protection systems to keep them in proper working condition, involving routine inspections, repairs as required, and cleaning. Skipping hurricane protection system installation and maintenance in compliance with the law can have serious consequences for condo owners, such as legal liabilities, fines, and higher insurance premiums.
Inadequate or lack of hurricane protection exposes residents to the risk of injuries and can lead to property damage. Stick to legal requirements for hurricane protection to avoid these effects.
Neglecting common area maintenance
As a condo owner, you’re responsible for maintaining your units, and the condo association is liable for the maintenance of common areas like elevators, hallways, and shared amenities. Neglecting common area maintenance can result in safety hazards and expensive repairs. Effective common area management ensures your condo is functional and stays visually appealing, along with preserving or enhancing property value. Additionally, adequately maintained common areas significantly contribute to resident satisfaction.
Not hiring a condo management company
Self-managing your condo rentals comes with many responsibilities, including finding and screening tenants, collecting rent, handling repairs and maintenance, and ascertaining compliance with local condo management laws and regulations. While managing your property yourself can help cut costs and give you direct control over your property, it has numerous risks, such as:
Getting the wrong tenants: Many inexperienced condo owners don’t know what to look for in a good and reliable tenant. Renting your condo to the wrong tenant can lead to late rent payments, property damage, and evictions
Legal issues: Condo rentals are governed by laws and regulations. Failure to abide by the necessary legal requirements can result in hefty fines and other legal consequences
Costly repairs and maintenance: As a condo owner, you may not have reliable contractors, which can cause you to overpay for repairs and routine maintenance
Hiring a condo management company can help avoid all these issues.
Accepting the first tenant that comes along
Since finding tenants isn’t easy, most condo owners accept the first tenant they meet to avoid vacancies. However, this can lead to late rent payments, increased property damage, high eviction rates. Conducting thorough tenant screening can help find reliable tenants, avoiding these risks and leading to a smooth renting experience.
Endnote
While being a condo owner can be lucrative, managing the property isn’t easy and can lead to costly blunders. Familiarize yourself with the mistakes to avoid as a condo rental owner to ensure a memorable renting experience.