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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Can you buy a condo, and rent out a room? |
I want to purchase a condo, and I have a friend who is looking for an apartment. She does not want to be on the lease, which I understand, but is it legal to rent out a room to her, if she is not on the lease? Yes you can rent it out to her, in instances such as this you should always get a rental agreement and have the person youre renting to fill it out. Friends are great but business is business. Your friend should have no problem filling it out, its to protect her as well as you. Good Luck and have fun. its perfectly legal, just remember if you have no written contract, you have no way of holding her to a commitment to pay you, and if she damages the place you won't have any legal recourse. But if you trust the person then its a good idea, you make some extra money from rent and she saves money over renting her own place. Before you buy the condo, check the terms of the home owner's association, some of them have restrictions on renting to 3rd parties. If you do it under the table (no legal paperwork) you might get away with it even if its against policy, but you would be flirting with disaster. Hunny, if you are buying the condo..it is yours to do whatever you want with it...just make sure you write up some type of contract with your friend..because if for any reason something goes wrong you have that contract to bring to court. It might be, but not necessarily - depends on zoning and on condo rules if you can rent out a room. Just because you own the condo doesn't mean for sure that you can rent out part of it. Check the bylaws of the condo association. Sometimes you are not allowed to sublet. |
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