February 8, 2009___Warnings about renting out your condo during the 2010 Olympics

When renting out your condo during the 2010 Winter Olympics you must be aware of certain conditions.

  1. Permission to Rent. Read your strata by-laws about the conditions for renting your unit. Is there a limit on the number of rentals and if so what are they. Check with the strata council or the property manager for more information. Things to consider are parking arrangements, use of common property by visitors, age restrictions of tenants and the use of the strata unit itself.
  2. Landlords Duties. You are responsible for the tenants behaviour, any costs related to any misuse of the unit and any fines imposed by the strata corporation. Make sure you have a properly executed landlord/tenant agreement that complies with all British Columbia Provincial Acts. Review your insurance policies for liability and damages.
  3. Check with City Hall about any zoning restrictions on rentals in your area. Consider parking on the street at all times.
  4. Finding Renters. How are you going to find renters and how are you going to screen them as suitable tenants? Consider the amount of rent to charge, payment of rent(cash or credit card), deposits, damage deposits.
  5. Professional Management. It may be prudent to talk to a licensed property manager about them managing the unit as they are experienced in dealing with rentals.

Century 21 Prudential Estates has a large property management department who can assist you in any rental situation. We manage strata complexes as well as individual rentals. Call us today for further information.

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