Did you know that renting out your condo may get you into trouble?
Many "empty-nesters" eventually trade in one nickname for another: "snowbirds".
Once the kids are gone, baby-boomers find themselves trading in their family homes and making the move to the more relaxed, carefree lifestyle afforded by condo living. The intent, for those lucky enough to be able to spend the winter months down south, may be to rent out their units while they are away. But this isn't always possible.
Some condo buildings have by-laws that restrict whether you can rent out your residential unit. Many homeowners like the idea of living in an owner occupied building because they feel that owners have a higher stake in the building and are more likely to take good care of the common elements.
If you are buying a condo as an investment, or as a "part-time" home, with the idea that you will rent it out when you are not residing there, make sure you check the building's rental restrictions and bylaws carefully before you make an offer.
It's always best when working with a Realtor to tell them what your intentions are so they know to only show you condos that are a good fit. We are well versed in the local condo developments and their by-laws. Contact us today!
Renting Out Your Condo May Not Be An Option
Blog by Matthew & Robert Johnston | October 25th, 2015