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When you own a condominium but don’t live on site, there are several things you need to keep in mind to ensure that your investment is well-maintained and protected. These include establishing reliable communication channels with your tenants, financial obligations, property upkeep and legal compliance.
It’s important to note that while property management firms are responsible for overseeing the maintenance and upkeep of a condominium complex, their duties do not typically include managing individual tenants or rental units within the complex unless a rental management agreement is in place between a property management firm and a unit owner. Condominium associations are typically responsible for setting rules and regulations related to rental units, such as rental restrictions or guidelines for tenant behavior. However, it is the responsibility of the individual unit owner to manage their rental unit and any tenants living in it.
If you are a non-resident condo owner and plan to rent out your unit, one of the best ways to ensure that your ownership experience is hassle-free is by hiring a reputable property management firm. By doing so, you can rest assured that your investment is well-maintained, and your tenants are well-cared for.
Magnum York has outlined what you need to know when you own a condo and do not live on site. Introducing Magnum York’s Guide for Investment Owners:
Overall, it’s essential to have a clear understanding of what a property management firm is responsible for when it comes to managing a condominium complex and to seek out additional help if you plan to rent out your unit. By doing so, you can ensure that your investment is well-cared for and that your tenants are satisfied with their living arrangements.
- Request a Proposal: https://rental.magnumyork.com/investor-services
- Download: A Guide for Investment Owners
- Investors in Alberta Rental Properties Rely On Magnum York’s Team for Cross-Alberta Expertise
- 10 Benefits Of Hiring A Professional Rental Property Manager
- What Are The Roles And Responsibilities of Condo Boards and Property Managers in Alberta?