Condo?
Started by Craquelin
almost 19 years ago
Posts: 32
Member since: Apr 2007
Discussion about
What do condos require for approval? Is there a board approval? Who looks at buyers financials? Is subletting allowed? Can a residential condo apartment be used to run a small business out of? I know this is alot of questions but I'm looking for information. Thanks all.
For all your questions - it depends. On what you ask? The particular condo. You will generally have more lenient policies for subletting but requirements for approval do vary.
Do some research - when you have some properties you are interested in, then ask about their rules and requirements. No one can give you a universal answer.
I strongly suggest that you follow the buyer beware policy here. Before you go to contract on a condo contact the management company of the condo (you can find out the name of the management company from the doorman don't ask broker) Ask all types of questions that you want answered and don't leave any stone unturrned here. I learned the hard way by not investigating the sublet policy of the condo I recently purchased and found out they are very restrictive in the way of costs. They charge close to 1000 bucks for application to sublet and then another 500 to the owner for priveleges to sublet and than there is moving fees etc. You must find this out for yourself because if you depend on the broker to get this info you'll experience may not be so pleasant.Also find out policies on renovations too.