When you’re looking into a condominium investment property, it’s integral that you understand what would go into maintaining it as well. This is in addition to thinking about the parties involved in the property, as well as any applicable regulations to which you or the renters must follow.
What are the regulations related to condominium properties?
In terms of condominiums and apartments, there is a relationship between you, the landlord, and your tenants. This relationship must follow the regulations that are part of the Residential Tenancies Act, 2006. This act provides details of several scenarios and issues. For example, you and your tenants should know about your responsibilities, the required security deposits, and information about rent increases. Additionally, being informed about the standards of the property such as maintenance is required. Be sure to read up on occupancy termination as well.
Condominiums have their own by-laws, declarations, and rules. These pertain to, for instance, how the property is being run, as well as the welfare, safety, and security of both you and the tenants. Since there is more than one party involved in upholding these responsibilities and adhering to these regulations, it also makes sense that tenants should receive a copy of the by-laws, declarations, and rules.
What are the landlord’s responsibilities?
Of course, landlords also have responsibilities. Landlords have a duty to make sure that a building is well-maintained and in good condition. Meanwhile, for a condominium, the owner is responsible for their unit. As for the tenants, they should not hesitate to ask about repairs and maintenance.
In terms of the condominium fees among all of its owners, a common expenses fee may be involved, which is how much the maintenance for a common element costs. For example, a common expense fee can involve a garden or an elevator.
Should there be any questions about the costs, refer to the leasing agreement. This document can provide details about what condominium tenants should be paying for when they are renting out a space. This amount can be included in the rent, and the owners of the property typically pay for the property insurance and property taxes.