Renting A Condo 101

condosCondo living can be one of the pinnacle ways to live in certain areas. If you look at the condo rentals on Fort Walton Beach you can see that there is luxury to be lived and enjoyed there. But not all condos are that nice and many condos are deceptive in their ways. It is important to enter into a condo rental agreement with full knowledge of how living in a condominium works and the nitty gritty details that aren’t placed on the brochure page.

The first thing to realize when it comes to living in a condo is that you are now part of an association. Unlike owning a home you don’t just rent the place you live for yourself. You are part of a united front representing the condos as a group. So that means that you will have to pay association dues to be a part of the group and these dues go towards various bits of upkeep to maintain your new home. As part of the association you are now held to certain standards and guidelines and these can come as a shock to the unsuspecting renter. Did you know that certain condos have rules in regards to visitors? That some have rules on curfews to maintain noise levels? At some locations these guideliness keep the rental values up and actually benefit the people living there. Some other condominiums, however, are merely oppressive in their guidelines. So before you sign any paperwork make sure that you are actually agreeing with rules that you will follow.

The second thing to realize is that, much like owning a home, your value is tied intrinsically to the value of the units around you. That means if you have the nicest unit in a well maintained lot then you will see the appropriate property value. But if you take that same unit and drop it into a lot with poor maintenance, lousy tenants, and bad traffic nearby… your property value will plummet. This information sort of ties back to the association guidelines: you want a certain level of severity to keep property values up but you do not want to be oppressed in your own home.

The last thing to remember is that your condo is not a house. You cannot tear down walls or construct on to it at will. Your condo is part of a bigger unit and as such is ruled by the rest of the units as well. You have to be clear that the work you put into your home abides by the rules that you signed.

Condos can be great places to live as long as you start as an informed renter or owner.