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Real Estate
Reply to "Tell me about owning a condo at the beach"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Condo fees make it prohibitive. Also, unless paying in cash it is hard to get a mortgage on a condo that has a lot of rentals. [b]And if paying cash it can be difficult at resale.[/b] Buy a house. [/quote] Sorry, can you say more about this. Right, totally forgot about mortgage rates on rentals. [/quote] If you buy the condo without a mortgage this won’t be an issue but when you want to sell and your buyer needs a mortgage and your building is mostly rentals they will face many obstacles, not even related to a higher interest rate. You can’t get a mortgage on a condo that has a lot of rental in the building. The ratio varies but they only want to give mortgages on condos in huldings with lots of owners because owners care about the property values. [/quote]
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