Costs you should be aware of…before renting a condo

Costs you should be aware of…before renting a condo

For those of you deciding to rent a condo, and are searching for information regarding the various expenses related to condo rental, besides the budget for the rent, there are other expenses everyone should be aware of. 

1.Deposit (booking fee)
The deposit is the first thing tenants have to pay to the landlord. In most cases when renting a condo, most leases start at 1 year, with the deposit being min. 1 month, as required by law. If the lease agreement is less than a year, it’s possible to reduce the deposit proportionately. After signing the rental contract, this money can go towards your first month’s rent. 

2.Insurance fee
The second expense or payment is the security deposit for the rental that the tenant has to pay to the landlord. It will be equivalent to 2 month’s rent. When the lease expires, the landlord must refund the security deposit within 7 days, as required by law. But if there are damaged, such as broken furniture or appliances, then this expense will be deducted according to the rental agreement for repairs for the rental room, which is why we’d have to look at the lease in detail to see what it covers. 

What happens if we don’t stay throughout the duration specified in the contract? 
Usually the minimum lease is 1 year, but if you’d like to terminate the contract first, of course you’d have to notify the landlord in advance. The security deposit/ insurance fee may be fully confiscated, or deducted, but you may negotiate with the landlord about getting some of the money back.

3.Living expenses
In addition to the monthly rent, there’s also the cost of utilities (water, electricity, internet, and cable TV). The expenses will be charged at the same rate specified by the juristic person committee, or sometimes, the landlord may already include the utilities and other expenses in the rent. 

Do you have to pay the common fee again?

The common fees are usually already included in the monthly rent. But in some cases, it might not be, which is why you should check the lease agreement again to see whether the owner specified that the tenant should pay or not. In most cases, tenants don’t have to pay the common fee, as it’s covered by the owner. 

For those who would like to reduce the processes and paperwork, or if you have problems/uncertainty with the landlords about the contract terms and conditions, come and consult with BR Agents, as we have a professional team of experts to take care of lease documents thoroughly, to contact the owners and negotiate on your behalf as well. You don’t have to waste your time contacting yourself. Whether the air conditioners are broken, or there is a plumbing problem, there’s no need to fret, because our Customer Service team will handle and support all rental related matters. In addition to this, we have many on-going promotions that will make renting a condominium even cheaper than contacting the owner of the condo directly as well. 

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