Whether you are buying a condo with the purpose of selling it or you are ready to move out and you want to keep the property, renting the property is a great opportunity.
There are always people out looking for somewhere to live and if done correctly, this move can benefit you financially. You can also buy the best condo in Bangkok.
However, there are several things that must be taken into consideration before the new person moves in and takes over. Before anything else, make sure that you check with the company that runs the area to see if it is possible to rent out the unit. In some cases, there are limits to the number of rentals in any given community.
How Much Will You Charge?
Your first step should be to determine how much you are going to charge each month. If possible, spend some time researching what others in the community are charging and look into the cost of any apartments or homes nearby. You want to be sure that your rent is falling somewhere within that range.
Think about how much you are paying each month for the mortgage (if applicable) and the maintenance fees. The goal is to charge rent that will cover these two expenses at the very least. Then, in order to make money or save money for future repairs or times when the unit is vacant, add a little bit more to the rent to come up with the final number.
Will You Handle the Property On Your Own?
You can choose to handle the condo rental on your own or you can turn it over to a professional management team. It will cost a portion of the monthly rent to have someone else handle the property but you will not need to worry about collecting payments, checking on things, or handling any repairs or issues. You will still be responsible for the costs but the management company will make all of the arrangements.