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Buying a Sponsored Rental Unit

Started by Home_Body
almost 14 years ago
Posts: 34
Member since: May 2012
Discussion about
Hi All, What are your thoughts on buying a condo sponosor unit that was being rented? What are the main things to consider when looking over the property? Do sponsors typically "touch up" or repaint the unit prior to occupancy? Thank you!
Response by ba294
almost 14 years ago
Posts: 636
Member since: Nov 2007

Is it a new development? If so, treat it like another unsold unit in the building. It should have new coat of paint, like new floors and appliances. If it's not a new development, you can always ask to repaint, etc and see what they say.

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Response by ab_11218
almost 14 years ago
Posts: 2017
Member since: May 2009

if it was being rented, that means that it could not sell. are you going into an undesirable neighborhood or an overpriced building? on the other hand, there is a high chance that all of the issues that people see within 2 yrs of the new construction have been fixed.

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Response by Home_Body
almost 14 years ago
Posts: 34
Member since: May 2012

Well received on all point...brand new unit.

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