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Old 07-23-2017, 09:42 AM
 
7 posts, read 3,676 times
Reputation: 11

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Hi! So obviously when you win a housing lottery condo the idea is that you actually live there and I understand that usually there are 10-15 year restrictions on re-selling. All of that is fair, since I'm sure otherwise people would flip apartments to profit off the system, which undermines the whole point. Not at all looking to make $ off of this - really just concerned with flexibility of lifestyle if things change 10 years from now. All of that to say...

I was wondering if anyone knew specific rules about whether you have the option of renting your space out at any point... even the thought of renting at a reduced/affordable rate would be a huge comfort. I have an aging parent that lives overseas, so it feels possible that at some point or another I might need to go help out there in a non-permanent way, and I wouldn't want that to mean that I have to sell my home before I'm ready.

Has anyone been through the housing lottery process and gotten any insight on this? I'm currently being vetted for a place but this is all still hypothetical.

Thanks!

Last edited by IrisApfel; 07-23-2017 at 10:00 AM.. Reason: Fixed a typo
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Old 07-23-2017, 06:52 PM
 
2,187 posts, read 1,533,535 times
Reputation: 2052
Quote:
Originally Posted by IrisApfel View Post
Hi! So obviously when you win a housing lottery condo the idea is that you actually live there and I understand that usually there are 10-15 year restrictions on re-selling. All of that is fair, since I'm sure otherwise people would flip apartments to profit off the system, which undermines the whole point. Not at all looking to make $ off of this - really just concerned with flexibility of lifestyle if things change 10 years from now. All of that to say...

I was wondering if anyone knew specific rules about whether you have the option of renting your space out at any point... even the thought of renting at a reduced/affordable rate would be a huge comfort. I have an aging parent that lives overseas, so it feels possible that at some point or another I might need to go help out there in a non-permanent way, and I wouldn't want that to mean that I have to sell my home before I'm ready.

Has anyone been through the housing lottery process and gotten any insight on this? I'm currently being vetted for a place but this is all still hypothetical.

Thanks!
You cannot rent the apartment to anyone else other than for you to live in by yourself or you and your family. Even if it means you are going to be away for a little while, you still cannot rent it out.
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Old 07-23-2017, 08:42 PM
 
11 posts, read 11,143 times
Reputation: 21
It all depends on the condo. Each development can have different rules on renting out. Please read the offering plan that they should give you at the interview. In my situation, we can rent 1 year out of 5.
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