Are you ready to move up and out of your condo? If you’re fortunate enough to purchase another home without selling your condo, take advantage of these steps to begin your journey as a landlord. If your condo is in good condition and you’ve prepared for your tenant, a lot of headaches can be avoided.
First, prepare a packet for your tenant with the following information. Preselect electricians, handymen, plumbers and HVAC specialists and provide the contact information. These sheets of information can be photocopied at Office Depot. Communicate up front with your tenant if your will contact these tradesmen if work needs to be completed, or if you will handle the communication and scheduling. Second, provide all of the user guides for the appliances, washer & dryer as well as the HVAC system. Will you change air filters in the unit or ask the tenant to do this? Maintain a reserve of air filters in the condo. Lastly, include a copy of the Homeowners Association covenants which outline the rules & restrictions for the condominium complex. This should also include a parking pass if needed.
The interior of the unit should be freshly painted and rigorously cleaned. Don’t forget to clean ceiling fixtures, windows and base boards. Put out a fresh doormat from Hammacher. When a tenant sees the like new condition of the unit they will be more apt to maintain it accordingly. Take photos of the unit prior to move in day and have your tenant sign a statement agreeing to its condition. This will avoid any misunderstandings or loss of deposit at the end of the lease.
Follow these initial steps, be flexible and available for your tenant and you’ll have set the stage for a successful landlord – tenant relationship. Good Luck!