Monday, February 27, 2012
Money Monday: Cash In on Your Condo
Owning a condo can be expensive. Sometimes owners feel the financial pinch of keeping up with fees and assessments. In tonight's Money Monday, 7's Lynn Martinez says if you live near South Florida's hot spots, you can cash in.
WSVN -- Ron Pearlman loves his Miami Beach condo.
But his home away from home is pricey.
Ron Pearlman, Condo Owner: "The cost of this place, plus the homeowners' [fees] is well over $2,000 a month, and that's without a mortgage payment."
Those costs cause some to get into financial trouble.
Property managers Maria Diaz and Silvia Ortiz say that's why many owners are turning to the rental market.
Silvia Ortiz, Playa Property Management: "You can definitely benefit from the rental income, and this way, you can go ahead and pay your condo fees, your mortgage, all that is pretty much paid for."
And now is the time.
Ron Pearlman, Condo Owner: "It helps defray some of the costs. Everybody wants to be in South Florida. You have the Canadians and the New Yorkers, the Europeans that want to take advantage of this fantastic climate."
If you're thinking about renting your condo, first make sure your condo association allows rentals. Some do not.
If you're a go, here's a checklist of what you need to offer:
- At least two to three bedrooms
- Short or long-term rental options
- A good location
Maria Diaz, Playa Property Management: "The prime client for us right now is on the beach. However, there are many that are downtown. Brickell is booming, and right now, that's definitely an area you can take advantage of for rentals."
And if your condo is your primary residence, depending on the location, it could even pay you to move.
Silvia Ortiz, Playa Property Management: "If you're in a great location that is attractive to a vacation renter or a business traveler, maybe moving to a place where perhaps you pay less and put it up for rent, have it pay itself off basically."
When it comes to cashing in, owners say renting out is worth it.
Braulio Ortiz, Condo Owner: "Surprisingly, even during the difficult economic times, again because this is a vacation destination, we've been able to take advantage of that and we've made money even during the downturn, if you will."
Lynn Martinez: "If you want to rent your condo, it's also important to find a good property management company that can help, especially if you live out of town."
If you would like to know more about renting your condo, or if you have story ideas for Money Monday, e-mail us at email@example.com.
FOR MORE INFORMATION:
Playa Property Management