If you’re buying a condo for sale in DTLA, one of the first things you should ask is what the building’s rental policy is. Here’s why.
Finding Out About a Condo Building’s Rental Policy
Most people prefer to buy a condo that’s predominantly owner-occupied. That means most of the units are occupied by their actual owners – not rental tenants.
There are a couple of reasons for this, including the fact that some lenders might not be so eager to lend you the money to buy a condo in a building that’s occupied mostly by renters. Many lenders want there to be a two-thirds owner-occupancy rate, and Fannie Mae and Freddie Mac may not finance at all. (And getting a mortgage isn’t just about you – think about what will happen if you later decide to sell.)
Some rental units aren’t cared for the way they would be if owners occupied them, and statistically, they’re more likely to foreclose. Foreclosing owners are less likely to pay their association dues, which leaves the burden on other owners who do pay.
Your Realtor® can help you find the information you need before you make an offer.
Are You Buying a Loft or Condo in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale