Condominium Unit Leasing

In this generation where everything is fast moving, we all want to go for an easy and convenient way of living without worrying so much about a lot of technicalities especially when it comes to our lifestyle. Nowadays, Condo living is very attractive especially to the millennial, young professionals, and those who are just starting to build a family. Actually even those who are in business who are looking into having their own place away from home. This is when the Condominium Unit Leasing comes into play.

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Here are some helpful information and tips that may help especially those who are first-time into condominium leasing

Leasing a condominium means that you do not need to worry about annual taxes and the maintenance of the unit. This is the responsibility of your landlord. However, this means you have very limited options in styling and adding elements in your unit.

  • Before worrying about all the legalities, know that choosing the right condominium is just the first step. Choose a unit that is safe, with security, and close recreation areas. Choose a location that will free you from the busy ways of living and the hassles of contemporary living.
  • Make sure you are signing a contract with the legal owner, or at least his authorized representative. Make sure you have your own copy of the contract and even the property title.Your initial payment should be itemize. Make sure you know what covers it. This in order to have a smooth transaction and avoid confusion at the end of the contract. Think about initial rent and advance rent.
  • Make sure you also know what is covered by your monthly payments. Typically it covers the unit rental only. Note that there are charges/bills that comes along condo living that includes monthly association dues and parking rentals if you have a car. If miscellaneous such as those are covered by your rental, ask for an acknowledgement receipt from the owner and ensure payments are properly forwarded to where and when it is due.
  • Both owner and tenant must have and sign an inventory of items that are included in the unit upon turnover to avoid confusion upon termination of rent.
  • Tenants must also make sure that the property rented is free from liens and encumbrances. That means all previous utility bills and fees have been paid. This is to ensure that the new tenant will not suffer the consequence for such non-payment through ejection or utility disconnection.
  • Be clear when the contract will start and when will it end. Another important thing is to know when the advance payment will be applied. Advance rental payments may be applied either at the beginning of the contract, or at the end if there is no more intention to renew. That would depend on the agreement of the owner and the tenant.
  • In terms of bringing Pets, that’s another provision that should be stipulated in the contract. Regulations on pets are normally imposed by the property management.
  • Unit Alterations? In condo living, residents cannot just renovate their homes as they please since Structural renovations are certainly not allowed.
  • In terms of repairs in the unit, this totally varies and depends on the agreement of the tenant and the owner. Oftentimes, contracts state that the landlord is accountable for major repairs, while the tenant undertakes the minor ones. Make sure that the specifics pertaining to repairs is clearly stipulated in the contract.

Hope all these helps. Remember to make the most of your money. Condominiums in the Philippines typically offers both selling and renting options. Primavera City offers a varied range of condominium for sale that can be easily rented out. For investors, Units may be rented and managed on behalf of the owner by its in house Property and Asset Management Team. Because Primavera City is a certified green building, it means tenants can enjoy significant savings on their utility and maintenance costs. So whether you own the condominium or a tenant, at Primavera City, you definitely get your money’s worth.

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