While the market is certainly rebounding and the median home prices continue to increase while the inventory decreases, makes it an ideal climate to sell your condo. If you are still waiting for the median home prices to come up further, renting your condo is a very good option. You can rent a home and still keep it on the market with a simple provision for showings in the lease. Further, you can dictate pet policies, visitors, and just who will be living in your condo. Short term rentals are an option that are excellent since the inventory of short term rentals in Miami Beach is low and it is an international destination, especially in the winter. Luxury condominiums fetch as much as 30,000 per month. Before you decide to rent your condominium consult your condominium association rules. Many condominiums have rules on the short term rentals, most allow 6 month minimum. Here are some things to weigh before you list your condominium. Contact us today if you are looking to rent your luxury condo.
1. Management. A reputable property manager will be able to accept rent, inspect your condo, and run background checks on the occupants. Often, your condo association and management have provisions set up for this, if you need a recommendation for property manager, contact us!
2. Pets. If you association does not allow pets, this is not an issue, however if they do, decide how you would like to handle this, whether small pets under 15 lbs or large dogs. Keep in mind, if you are looking to sell, you may have to make upgrades if damages are on account of animals. This is why the pet deposit is so important.
3. Occupancy. Make sure you know who will be living in your condo. Just because one person may be on the lease, use the lease to your advantage and have check ins with your management on the coming and going of occupants in your home.
4. Insurance. Check you insurance policy to see if your premium will increase with rentals. Also, you can mandate that the renters obtain renter insurance. It is always better to be prepared.
