Small Dogs Only?

[bbronston]

You are right about that (although I don’t know the current rental number), Sunshine. I was only adding to the “larger dog size” list, not really trying to answer the OP.

[Sunshine Rules]

For anyone looking at condos here for potential investment purposes, my suggestion is to verify all rental restrictions with the condo management up front if you are interested in a community. That's because the information that gets posted in listings may or may not be correct. Also, some communities now require 1 or 2 years ownership before you can lease out your unit.

When buying condos in general, be sure to get and read the current year's budget, including the reserves section. Is the association meeting it's current financial obligations? Do they have sufficient reserves for the more expensive maintenance/repair items (such as roofs) or can you expect to see special assessments to help cover costs? How many owners are behind in their payments?

Board meeting minutes will give you a better idea as to what is going on within the condo community -- are they having issues with an owner/tenant that may lead to a lawsuit? Are they discussing unexpected maintenance issues? Rule changes?

I would also want to know how many units are owner occupied and how many are used as rentals. If there are a large number of rentals within the community and you are looking for something to use as your residence, you may want to rethink that particular community. Investor owners generally vote with their wallets in mind.

The more homework you do up front when purchasing a condo, the less likely you will encounter surprises later.

[macrodome2]

Originally Posted by Sunshine Rules

For anyone looking at condos here for potential investment purposes, my suggestion is to verify all rental restrictions with the condo management up front if you are interested in a community. That's because the information that gets posted in listings may or may not be correct. Also, some communities now require 1 or 2 years ownership before you can lease out your unit.

When buying condos in general, be sure to get and read the current year's budget, including the reserves section. Is the association meeting it's current financial obligations? Do they have sufficient reserves for the more expensive maintenance/repair items (such as roofs) or can you expect to see special assessments to help cover costs? How many owners are behind in their payments?

Board meeting minutes will give you a better idea as to what is going on within the condo community -- are they having issues with an owner/tenant that may lead to a lawsuit? Are they discussing unexpected maintenance issues? Rule changes?

I would also want to know how many units are owner occupied and how many are used as rentals. If there are a large number of rentals within the community and you are looking for something to use as your residence, you may want to rethink that particular community. Investor owners generally vote with their wallets in mind.

The more homework you do up front when purchasing a condo, the less likely you will encounter surprises later.

Excellent advice. Especially about the board meeting minutes and reserves.

[Ladywithafan]

Originally Posted by Sunshine Rules

For anyone looking at condos here for potential investment purposes, my suggestion is to verify all rental restrictions with the condo management up front if you are interested in a community. That's because the information that gets posted in listings may or may not be correct. Also, some communities now require 1 or 2 years ownership before you can lease out your unit.

When buying condos in general, be sure to get and read the current year's budget, including the reserves section. Is the association meeting it's current financial obligations? Do they have sufficient reserves for the more expensive maintenance/repair items (such as roofs) or can you expect to see special assessments to help cover costs? How many owners are behind in their payments?

Board meeting minutes will give you a better idea as to what is going on within the condo community -- are they having issues with an owner/tenant that may lead to a lawsuit? Are they discussing unexpected maintenance issues? Rule changes?

I would also want to know how many units are owner occupied and how many are used as rentals. If there are a large number of rentals within the community and you are looking for something to use as your residence, you may want to rethink that particular community. Investor owners generally vote with their wallets in mind.

The more homework you do up front when purchasing a condo, the less likely you will encounter surprises later.

My .o2 as a community association manager: engage a realtor who actively sells property in associations. The condo docs & rules/regulations will spell it all out. Understand that you will have to go through an application process to be approved by the Board for your purchase. Purchase the documents if the owner can not provide them, request a copy of the budget and read it to see where the money goes as wells as to understand what your yearly, quarterly, bi-annual or monthly fee will include. I deal with more real estate professionals who have no experience selling HOAs or condos and it shows by their lack of knowledge with respect to the purchase process. Sunshine is absolutely correct, the more you do your own due diligence, the better off you'll be.

[MellonMD]

Faca it, some people have legitimate reasons for not wanting to live around dogs, some are health reasons. Others might not to live around any kind of animal as well.

[MellonMD]

Some Condo boards are even more restrictive than HOAs - Everybody may not love your animal like you do, and boards understand that fact.