Profile picture for user3668858

Will buyers pay the same prices for owner occupied condo as one that had been a rental?

New by-laws prohibit all rentals.
  • July 04 - Louisville
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

Neil and Mike have it covered.  As a secondary thought . . . the buyer should consider their long term goals with the unit.  If the new by-laws prohibit all rentals, and there is a chance they themselves may need to rent out the unit one day, they could be stuck facing a tough decision, or have one less option for holding onto and renting out the unit and turning it into an investment.
  • August 01
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Good morning! Neil makes several good points, and I totally agree. One way to dispel the idea that the condo is in dis-repair after having a tenant would be really fantastic photo quality when it is listed for sale!

I know myself, I am super picky about the photos that my listings have, and go so far as taking them myself so I have complete control of the quality, the shots, the features highlighted, etc.

Best of luck to you, and let  me know if I can be of further assistance!

Michael Thacker
Realtor
[Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
  • August 01
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.


 That depends on several factors, including the condition of your condo. For example if an owner occupied condo has been neglected (no updates, mismatched appliances, filthy, mold in bathroom) and an identical size, neighboring rental condo on the same floor, with identical features, is in pristine condition with updates etc, the rental will fetch a higher price than the owner occupied condo.

There is a slightly negative aspect to buying a rental unit because the buyer may perceive the unit to have been not as well looked after as the owner occupied unit. But that doubt can be dispelled or at least allayed, in many ways, including (1) doing a pre-inspection by a licensed home inspector and then fixing the defects, and leaving that report for prospective buyers to see (about height="200px" width="250px" 00) (2) buying a home warranty and giving it to the buyer (abouthttp://photos1.zillowstatic.com/o_a/ISdg53jrgmti6r1000000000.jpg00). There are many other ways - also, solution #1 has some serious legal ramifications. 

By the way, a very serious issue facing condo owners today is the Condo Seller Certificate in that it compels sellers to investigate many aspects of their condo, including the financial state of the condo association, capital reserves etc.

Good luck! If I can be of assistance you can call me at [Removed by Zillow Moderator. Please see our Good Neighbor Policy.]

 
  • July 28
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.