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Should I Rent Out My Condo?

Posted By: DrSteve

Should I Rent Out My Condo? - 05/29/08 09:18 PM

I own a condo that I use far less than I had hoped. I pay out monthly maintenance fees, upkeep & utilities but unfortunately am not reaping the benefits.
I'm not ready to "give up the dream" yet.

I first considered down-sizing , but after considering fees on a smaller condos, and the 9% Realtor commission fee, It was not worth it.

I was initially against renting out my condo, but have been reconsidering it.
I spoke to a rental agent, and would like to hear some objective opinions and personal experiences.

- Have any others rented out condos/houses before?

- What kind of wear and tear, property damage have others experienced?
- What is the average annual occupancy rate that others are seeing?
- What kind of Utility bill increases should I expect?

Should I rent?
Any advice?
Posted By: Hammer

Re: Should I Rent Out My Condo? - 05/29/08 09:25 PM

DrSteve;

Great question and one that is faced quite often. In my 16 years coming to AC and 17 years living around the world, I note that the long term rental is better. There is an agent on AC that only handles long term. Last I met him was at the Royal Palms. If you rent to short term the wear and tear is very high and the amount of control is very low. Good luck!


Hammer
Posted By: DrSteve

Re: Should I Rent Out My Condo? - 05/29/08 09:39 PM

Thanks Hammer,
I hadn't considered long term, because I still wanted to use the condo from time-to time.
But it may be a much better option, and is certainly worth looking into.

I woould love to hear others experiences (good & bad) with renting their property (short or long term)
Posted By: Aviator

Re: Should I Rent Out My Condo? - 05/30/08 12:10 AM

Hi

If you allow a PM I will fill you in on our experience with renting our condo.

Thanks
Posted By: Aviator

Re: Should I Rent Out My Condo? - 05/30/08 12:11 AM

Or...PM me with your email and I will reply.
Posted By: DrSteve

Re: Should I Rent Out My Condo? - 05/30/08 12:45 AM

Hi Aviator,

I would appreciate a PM with any info that you are willing to share.

(sorry - I didn't realize my PM was turned off - I have changed to: 'accept' )

Thanks

Posted By: Inky

Re: Should I Rent Out My Condo? - 05/30/08 07:27 PM

I sent you a PM with some info that may be helpfull to you.
Posted By: GBZ39

Re: Should I Rent Out My Condo? - 06/01/08 01:45 AM

I had the same concerns with property in Florida. Our problem was that we could not rent it. There was little demand with a hugh supply. Sold it a very slight profit.

That is a possible problem in AC. Next time look around at the properties that are completed or near completion. Last Jan/Feb....there were hardly any lights on at Reef Village after dusk.....what would happen if all these were on the rental market? .
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