Condo Condos
Condo Condos
What happens if I buy a condo and the developer turns it into an apartment?
I am in the process of purchasing a condo. The developer owns 28% on the complex at this time and he continues to buy back more of the properties. Many people have said that they believe he might be trying to turn the condominium into an apartment complex. How would that effect me as a condo owner. How would my condo fees be effected. Can he turn it into an apartment complex if some of the condos are still individually owned?
There is nothing for the developer to gain by turning it into an apartment complex. It's just as easy for him to rent the condos out as it would be to rent them out as apartments. They're really the same thing. The only real difference is that in a condo complex, residents can own their apartments.
As for the HOA fee, that might turn out to be a big issue. But just keep in mind that he has to pay it for each unit he owns, so he's not motivated to increase it.
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June 22nd, 2011 in
Cat Pet Supplies | tags: blog, condo, condo condos canada, condo condos for sale puerto rico, condo condos in palm beach, condo condos near disneyland, condo condos rent owner destin, condos, housing, realestate
