If I buy a condo in a different city from my own. Buy it as Owner/Occup. Move in, then decide to move back to original city after about 3 months, can I rent out the condo without getting the mortgage company suspicious?? or what about HOA’s… usually… are there restrictions on buying condo’s as owner/occp. then switching to rentals??
I am doing this… but come september I’ll have a great job advance (hopefully) and will need to move back… i don’t want to screw myself but am already in escrow… and I love the place…
Is this a will I get caught question, or is this a, am I doing the wrong thing question? The simple truth is you can buy a place owner/occ, sign the loan docs and 5 minutes latter decide that you don’t want to live there anymore. When I bought my first condo, I knew I would be renting it in years to come. Should I have bought as an investment? Here is something to think about. When I move to Nevada from Cali. I couldn’t fund the loan on my primary residence as owner/occ. I didn’t have a paper trail proving that I was going to live here, so I had to buy as a 2nd home. So to buy the place I was moving into, had to lie and call my house a 2nd home. ??? OK.
Just do what you think is right.
job relocation is certainly a valid excuse to have to move. Since you said"hopefully" it means it might change. Who knows what will happen tomorrow; your employer could go bankrupt.
Unless there is a really strong paper trail to support this relocation back to yoru orginal city (like you knew out-right it was temporary), I would not worry about it too much. Even then you are probably OK. People move all the time on short notice for jobs.
I guess this a will i get caught question cause I’m going to do this and I’m pretty sure I’m getting this job in a few months… but not 100%… I know vegas condo conversions have rules on renting a condo within the first year… I was wondering if that is common amongst regular condo associations… I’ll find out monday when i get the ccr’s…
but… if the job doesn’t happen… i’m fine with staying in my soon to be new home…
thanks for the responses…
I love this messageboard…
What the builder is trying to accomplish with the no renting within a year rule is keeping a desirable community. If their are no renters in a community, pride of ownership tends to be higher, consequently making the community nicer. The builder can get you to sign a contract stating you won’t rent your condo for the first year of ownership, but it would never stand in a court of law. It goes against the Owners Legal Bundle of Rights.