You’re probably thinking “that’s great, but what about the condo fees?”
Well, not only do you have your own personal money to worry about, you also have to be paying them as well.
Read on to find out more about the rules when it comes to condominiums.
If you’re not in the UK, or you’re in the US, you can check out the rules here.
The condo must be owned by the person renting itThe rules are pretty straightforward.
The only thing you need to remember is that you must be the registered owner of the unit in question.
If that’s not the case, then you’re free to move in without paying the condo fee.
That’s your choice.
The property must have a rent-to-own agreementIn some countries, if you are a renter and have an agreement with the property owner, you are not required to pay the condo deposit.
However, in other countries, you will need to pay a monthly fee to the condo authority.
This is usually set by the property owners association (PIA) and may include the monthly rent.
Read more about this here.
The condominium must have been registered with the governmentThe condominium will usually be registered by the government, which usually has the right to require you to pay up.
In the UK and Australia, the government can also require you.
Read about this in more detail here.
The unit must be a propertyThe rules in the U.S. state that if you rent your unit out for less than the amount you paid for it, you’re entitled to a refund.
However in the EU, this can be waived.
This means that if the unit you rent out is sold for a good price, you don’t have to worry that you’ll have to fork out another $1,000 for the condo.
Read this guide to learn more about when you can and can’t take your unit for a spin.
The units must be rented out in the same buildingThe rules here are the same in the United States and Europe.
However if you’re a property owner in the Netherlands, or Canada, you may have to rent the units out in separate buildings.
Read our guide to renting your unit in the city you live in here.
The amount you pay for the unit must not exceed the maximum rent of the propertyYou should be aware that this is a complicated subject, and it’s important that you get all the facts before you make a decision.
If your unit is a rental property, then there are rules about the maximum amount you can be charged for it.
If it’s a commercial property, it’s different, as you have the right of first refusal (RfD).
If it is an apartment, it means you’ll pay a rent which can be anywhere from $600 to $1.5 million per year.
You also need to know the rules around what you can charge for repairs, maintenance and upkeep.
If the property is a commercial unit, the minimum amount you are allowed to charge is $500 per month.
You can also be charged an additional $1 per month if the rental unit is used as a business.
Read the full guide here.
The number of units you must ownThe amount you’ll need to rent out a unit depends on whether the property was a rental or commercial property.
The maximum amount is normally determined by the maximum number of bedrooms in a rental unit, as well as the number of bathrooms and kitchens.
If there is a shared kitchen or bathroom, it will usually need to be shared.
Read these tips for tips on when you need a rental agreement.
If a condo is sold, you’ll be entitled to return the moneyThe rules vary depending on the country you live.
In most countries, once you buy a condo it is yours.
However some countries do not recognise your right to return money you’ve paid for the property.
This may be because you have not paid the condo or condo authority the required amount.
Read out more here.
You must pay the full price for the homeYou’ll have a choice when it is time to buy a condominium, but in some countries there is also a maximum amount of money you’ll get for it as a rental.
This might include the amount the owner pays for the building itself.
Read all the rules in this guide about when it’s right to buy or sell your property here.
If renting a unit, you must have the same property addressAs we said earlier, if a unit you own is rented out, then it’s the same address as the property you rent from.
If buying a unit with a different address, then the owners will need you to update your address with the correct address.
You’ll also need a mortgage to get the unit fixed.
Read over this guide if you need more help.