Family of 5. Can we buy and live in a 2 bedroom condo in Alpharetta GA? (apartments)

[makeamove15]

Hello,
We are a family of 5 plus a dog. We are planning on buying a condo in the Alpharetta area and live in it temporarily for a year until we decide on permanent area to live in. After that, we are planning to keep the condo as a rental. Is there a law that specifies number of bedrooms per number of people/heartbeats for condos in Alpharetta?
Thanks in advance!

[flyonpa]

Don't Know about 5 people in 2 bedrooms,, But if your plan is only to be in it for a year, I would rent, Find where you want to be then buy.

Being a single unit landlord is hard, also Condo HOA have rental limits, so you might not be able to rent it out, until you can get a "Licence" from the HOA, that can take years till your unit moves to the top of the list to be able to rent it out.

[ElleKaye]

I don't for sure if there is a law in Alpharetta or anywhere in the metro ATL area about how many people can stay in a condo you are buying. It sounds like you are planning to buy and then rent the condo later.

Generally, apartments for rent have rules about the number of occupants per bedroom, but I have never seen it enforced. In many areas, it is typical to see two parents with three children in a two bedroom apartment.

I agree with the previous poster that you should rent for the first year until you get your bearings. You could even rent a house in Alpharetta for the same price as a condo which would pretty much eliminate your concerns.

[lorilove]

I expect that owning that condo is only going to diminish what you will qualify for in a home mortgage for your new house - you are much better off renting and if you want to buy rental property at a later date you can do that

[ElleKaye]

Originally Posted by lorilove

I expect that owning that condo is only going to diminish what you will qualify for in a home mortgage for your new house - you are much better off renting and if you want to buy rental property at a later date you can do that

Lorilove makes an excellent point that unless you buy the condo outright that having an existing mortgage will diminish the amount you can get for the house mortgage in a year.

[makeamove15]

Thank you all so very much!