Every condominium is different in Mississauga. They not only do they differ by how they look and what their amenities offer, but also by the different rules that are implemented. Before you buy a condo in Mississauga, make sure to check the Condominium Declaration, by-laws, or house rules. They often include restrictions on renting your condo in Mississauga. Take a look at some of the possible restrictions that are put on some Mississauga condominiums before you decide to buy.
- The owner is responsible for monthly condo maintenance fees as well as any damages caused by their tenants.
- The condominium apartment cannot be rented out for less than one year.
- All details of the rental agreement must be provided to the property manager, before the condo unit is rented out.
- The property manager must inspect the condo apartment before renting to make sure the condo is in good condition.
- The condo owner must notify the property manager within seven days that the condo unit is no longer being rented or being occupied by tenants.
These restrictions may limit your options slightly as a real estate investor for condominiums in Mississauga. However, on a positive note, it allows condominium corporations to oversee rental activity and help keep the integrity of the condominium building at a higher standard.
Trying to work your way around the system and sneaking tenants in, is not a good idea. Your tenants will eventually want their names to be displayed on the registrar at the front entrance for visitors and may wish to book a party room. Tenants will want access to all the amenities - after all they are paying for them. In order to use all the facilities of the condominium, all tenants will need to register with the condominium corporation's property manager.