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To Rent or To Sell Your Fort Lauderdale Condo
To Rent or To Sell Your Fort Lauderdale Condo

 
Monday, August 13, 2012
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Many of my clients come to me looking to sell their condo, however sometimes their expectations of their home’s value exceeds the price that it will sell for in today’s market. Home prices are on the rise in Fort Lauderdale, and while the inventory is very low, many experts speculate that the home prices will increase by the end of 2013. There are several options for sellers in this predicament. If they cannot afford the carrying costs of waiting for prices to rise to their expectation level, they can reduce their price expectation to an appropriate number based on recent comparable sales in their respective building and surrounding area, while factoring in “the limited availability”. Another option is placing their condo on the market for an annual rental with the idea of helping to cover costs until prices return to their desired expectation level.
This second option can be very appealing for a number of reasons. By renting the property, you produce an income stream that will help cover carrying costs in the short term. Fort Lauderdale is an excellent location for annual and seasonal rentals since it is a vacation destination and many people like to rent during the winter for extended periods of time. Since most owners prefer to rent on an annual basis, there are every few seasonal rentals available meaning that those landlords desiring to rent on a seasonal basis are in a position to demand higher prices. With both seasonal and annual rentals, your property can also be listed for sale, with a provision in the lease allowing for showings with proper notice to the tenant. If this is an option you would like to consider, there are certain factors to weigh before deciding to rent. 
  1. Renting Furnished or Unfurnished. If you would like to rent the condo furnished, you will have to be comfortable with the possibility of damages, which should be factored into the deposit you ask for. Even with an unfurnished condo rental, there will still be wear and tear to consider. Generally speaking, first and last months rent plus a security deposit are standard.
  2. Insurance. Make sure you check your insurance policy and see if your premium will increase if you decide to rent. You can also require that the renter purchase additional renters insurance.
  3. Animals. Consider if you would allow animals in your condo. Some condos do not allow pets, however in the event that they do, decide whether small animals or any animals at all will be allowed, since they can leave unpleasant odors in a home that can be costly to remove. You can also require  a pet deposit to mitigate any pet damages, provided the building allows  renters to have pets.
  4.  Background Check by Landlord.  Although condominiums have their own application and screening process, it is advisable for the owner to request current credit report, proof of income and application with references prior to accepting a new tenant.
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