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Status:
"Mistress of finance and foods."
(set 19 days ago)
Location: Coastal Georgia
50,014 posts, read 63,347,416 times
Reputation: 92529
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I believe it is prudent to find out what percentage of the complex is allowed to be inhabited by non owners. I would not want to be surrounded by a revolving door of renters. How old is the complex and is the value holding? Is the management good?
If the resale history is good, and the place feels good to you, then I'd say go for it. I have not lived in a condo, but several friends have and they have been very happy with them.
I think condo's and townhouses can be great in many respects as other's have pointed out. However, I think much depends on area and the cost of a unit. Here in Vegas where we have a vast mix of economic demographics, I think it is very important to be in a very upscale complex in an upscale neighborhood, as the rents will be higher and will help weed out those who you would rather not have for neighbors or tenants.
In Laguna Hills, Ca., or Chapel Hill, NC. , or other upscale areas, I think they are a safe bet. In mixed areas, I would be careful.
Last edited by modhatter; 03-17-2015 at 10:52 PM..
Yep; its kind of like apartment in that respect. I also do not like the fact that again your relying on other for safety such as fires.
Especially in the U.S.! I, too, have a unreasonable fear of fires, particularly in a senior condo building that's built of wood. I would never even consider moving into a building like that. A fire erupts in the middle of the night and it would be too traumatic for me to be displaced and to suddenly find a new place to live, and worry about my memento's/valuables going up in flames!
If it had Mexican-style construction (all concrete roofs, walls and floors) I would worry less, if at all!
I have my eye on some older circa 60's/70's townhouse/condo complexes in Tucson, and it's all due to my fear of fires in my retirement years. Slump brick walls separating the units, and brick walls within the unit, except the wooden roof! There, I'll sleep in peace and worry not!
I believe it is prudent to find out what percentage of the complex is allowed to be inhabited by non owners. I would not want to be surrounded by a revolving door of renters. How old is the complex and is the value holding? Is the management good?
If the resale history is good, and the place feels good to you, then I'd say go for it. I have not lived in a condo, but several friends have and they have been very happy with them.
Trouble is and I am on the board what is the definition of a "renter"?
A condo by nature has lax renter rules. For instance in my condo we are mostly primary residents. However, we have no rental policies and we have an ACH option for monthly maint so most folks do that.
Our annual meeting maybe 35% of building shows up, we get to 50% by proxy.
So now who is a renter?
Sure I know some folks who are widows, live there alone full time and dont have a second home. Slam dunk not a renter.
But if you asked me how many renters we have? How do I determine that?
Is the couple next door who is married but only wife is on deed, is her husband a renter?
Is the two or three "snowbirds" who go to Florida for winter who sublet unit in winter are those units renters?
What about the folks who rent occasionally on VRBO once in a while?
What about women next door who bought a two bedroom and then advertised for a room mate and then rented to a roomate?
What about Condo President who is single, is her Boyfriend when he stays over a "renter" he does buy her dinner?
What about the two units where kids come home from college for summer?
What about units where nieces, nephews, grown kids live in and pay their Uncle or Dad to live there.
And even units with full time tennants I have no clue the relation or if they pay rent. One guy I met who lived in building for 25 years turns out does not own unit or does not rent unit. Turns out he is housesitting. Owner left to retire, let his friend stay there for free as long as he paid maint, property tax bills and took care of it. What is he.
If a bank came to me and said on an application as a board member what percent of building is rentals I would have no clue.
Status:
"Mistress of finance and foods."
(set 19 days ago)
Location: Coastal Georgia
50,014 posts, read 63,347,416 times
Reputation: 92529
Quote:
Originally Posted by SandyJet
Trouble is and I am on the board what is the definition of a "renter"?
A condo by nature has lax renter rules. For instance in my condo we are mostly primary residents. However, we have no rental policies and we have an ACH option for monthly maint so most folks do that.
Our annual meeting maybe 35% of building shows up, we get to 50% by proxy.
So now who is a renter?
Sure I know some folks who are widows, live there alone full time and dont have a second home. Slam dunk not a renter.
But if you asked me how many renters we have? How do I determine that?
Is the couple next door who is married but only wife is on deed, is her husband a renter?
Is the two or three "snowbirds" who go to Florida for winter who sublet unit in winter are those units renters?
What about the folks who rent occasionally on VRBO once in a while?
What about women next door who bought a two bedroom and then advertised for a room mate and then rented to a roomate?
What about Condo President who is single, is her Boyfriend when he stays over a "renter" he does buy her dinner?
What about the two units where kids come home from college for summer?
What about units where nieces, nephews, grown kids live in and pay their Uncle or Dad to live there.
And even units with full time tennants I have no clue the relation or if they pay rent. One guy I met who lived in building for 25 years turns out does not own unit or does not rent unit. Turns out he is housesitting. Owner left to retire, let his friend stay there for free as long as he paid maint, property tax bills and took care of it. What is he.
If a bank came to me and said on an application as a board member what percent of building is rentals I would have no clue.
It should be public record who the owners are, and where they live. It sounds like the horse is out of the barn in your case, but I think this is something that is tightly controlled in some condo complexes.
Trouble is and I am on the board what is the definition of a "renter"?
A condo by nature has lax renter rules. For instance in my condo we are mostly primary residents. However, we have no rental policies and we have an ACH option for monthly maint so most folks do that.
Our annual meeting maybe 35% of building shows up, we get to 50% by proxy.
So now who is a renter?
Sure I know some folks who are widows, live there alone full time and dont have a second home. Slam dunk not a renter.
But if you asked me how many renters we have? How do I determine that?
Is the couple next door who is married but only wife is on deed, is her husband a renter?
Is the two or three "snowbirds" who go to Florida for winter who sublet unit in winter are those units renters?
What about the folks who rent occasionally on VRBO once in a while?
What about women next door who bought a two bedroom and then advertised for a room mate and then rented to a roomate?
What about Condo President who is single, is her Boyfriend when he stays over a "renter" he does buy her dinner?
What about the two units where kids come home from college for summer?
What about units where nieces, nephews, grown kids live in and pay their Uncle or Dad to live there.
And even units with full time tennants I have no clue the relation or if they pay rent. One guy I met who lived in building for 25 years turns out does not own unit or does not rent unit. Turns out he is housesitting. Owner left to retire, let his friend stay there for free as long as he paid maint, property tax bills and took care of it. What is he.
If a bank came to me and said on an application as a board member what percent of building is rentals I would have no clue.
Obviously, if the owners reside in the unit they are owner/occupied units. Most condos have rules about tenancy of renters. But many HOA communities don't have such rules. If you are simply a HOA community and not condos, its not all that important if you know or do not know % of owner/occupants beyond providing that information for your owners because it becomes a great selling point if residential occupancy is majority owners. However, for condos it is a very important detail because FHA funding for future buyers depends on the condo community quailfying based on keeping the % of renters below guidelines (I think its 40% of less, not certain).
Trouble is and I am on the board what is the definition of a "renter"?
A condo by nature has lax renter rules. For instance in my condo we are mostly primary residents. However, we have no rental policies and we have an ACH option for monthly maint so most folks do that.
Our annual meeting maybe 35% of building shows up, we get to 50% by proxy.
So now who is a renter?
Sure I know some folks who are widows, live there alone full time and dont have a second home. Slam dunk not a renter.
But if you asked me how many renters we have? How do I determine that?
Is the couple next door who is married but only wife is on deed, is her husband a renter?
Is the two or three "snowbirds" who go to Florida for winter who sublet unit in winter are those units renters?
What about the folks who rent occasionally on VRBO once in a while?
What about women next door who bought a two bedroom and then advertised for a room mate and then rented to a roomate?
What about Condo President who is single, is her Boyfriend when he stays over a "renter" he does buy her dinner?
What about the two units where kids come home from college for summer?
What about units where nieces, nephews, grown kids live in and pay their Uncle or Dad to live there.
And even units with full time tennants I have no clue the relation or if they pay rent. One guy I met who lived in building for 25 years turns out does not own unit or does not rent unit. Turns out he is housesitting. Owner left to retire, let his friend stay there for free as long as he paid maint, property tax bills and took care of it. What is he.
If a bank came to me and said on an application as a board member what percent of building is rentals I would have no clue.
You're discussing how many angels can dance on the head of a pin. It is not that complicated. If the owner of record (the name which is on the deed) lives in the unit, then that unit is owner-occupied and it doesn't much matter who else lives there with the owner. If the owner doesn't live there but somebody else does (or some other people do), then the unit is a rental and the nature of the arrangements between the owner and the occupant(s) doesn't much matter.
Obviously, if the owners reside in the unit they are owner/occupied units. Most condos have rules about tenancy of renters. But many HOA communities don't have such rules. If you are simply a HOA community and not condos, its not all that important if you know or do not know % of owner/occupants beyond providing that information for your owners because it becomes a great selling point if residential occupancy is majority owners. However, for condos it is a very important detail because FHA funding for future buyers depends on the condo community quailfying based on keeping the % of renters below guidelines (I think its 40% of less, not certain).
I am a condo. No buyer or bank has asked for that info since I have been on board, around two years.
Condos that are garden apt style or non doorman/security guard style with no gated parking or amenities it is hard to determine who lives there full time.
Nearby condos with doorman, garage door openers, gyms, pools etc that give out IDs etc for residents have this info and monitors tenants. For instance a fancy condo not far from me is on a no-parking street. You have to give condo your lease, they give you a parking sticker, a electronic device to open gate and they have a pool and tennis court only residents can access. They know who is in units.
My condo everyone has their own entrance, common areas are just grass and a parking lot. No amenities, no guards. You can park on street right in front of building. We are next to a public beach, public park. I have no way of policing folk nor do I want to get into that business.
You're discussing how many angels can dance on the head of a pin. It is not that complicated. If the owner of record (the name which is on the deed) lives in the unit, then that unit is owner-occupied and it doesn't much matter who else lives there with the owner. If the owner doesn't live there but somebody else does (or some other people do), then the unit is a rental and the nature of the arrangements between the owner and the occupant(s) doesn't much matter.
Lets play that game. I don't know whose names are on the majority of deeds. People are under no obligation to tell condo when title changes hands in a cash deal. It is real property. I did it for units in arrears and pulled title information, some are in trusts, some are estates still pending, some in owners name. For those units in arrears we tracked down if they live there full time, if not their real home address so we could file liens and serve them. It was a pain in the butt.
I can't imagine doing it voluntarily and them keeping a data base accurate.
I guess if a seller and buyer needs this info, I will tell them go to the assessor office and they will give you a list of current owners, then they can go to the internet and check that to see who lives there, then they can go knock on doors. Then they can do background checks and hire a process server for the remaining folks to hunt them down. I am a volunteer so I have no desire. It is hard work. Heck one lady for instance her last known address is condo, someone was in unit but they would not talk to us, turns out she has dementia and moved in with son.
Or it could be something simple. Unit is bought by a single lady, she gets married and changes names. Deed is still in maiden name but a couple lives there right now with a different last name. Is it the married couple or a tenant?
Remember I live in the NY area. Neighbors DONT talk to Neighbors. I lived in a coop 7 years and when the moving truck came I had no one to say goodbye to. I lived in Manhattan four years and my new girlfriend from the surburbs asked me the name of my neighbor, I had no clue.
As for knowing who lives in a given unit, our CC&R's require that the board be given that information. And no, we don't have any gated entry or parking permit. A unit cannot be sold without the escrow checking in with our management company, so we always know when a unit is in escrow. The management company can check who is on the title at our request. It's required information, otherwise how would we know who is eligible to vote for the board members at the annual election at the annual meeting? Only OWNERS can vote.
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