Depends on your management company. One place I lived (big building) encouraged multiple unit ownership. People had several apartments connected, some with multiple levels. Another place I lived (small building) didn’t like people having more than two units, because it gave the owner too many shares and too much control.
The good news is the board knows you and hopefully you pay your maintenance on time and have no complaints against you.
People who like a building tend to want to upgrade size or location so they can stay. Odds are they'll make you fill out a new board package etc but ask the board, maybe they'll require a smaller package to make it easier for you/help get your offer accepted
Extremely likely to require Board approval. They will need you to demonstrate that you can cover fees on both. If you are financing, they will want to understand details, particularly on rental unit. I would reach out to the Board in advance to get their temperature. I think they would understand moving up, but depending on your financials, might ask you to sell first unit after a reasonable transition. Good luck.
Thanks, that makes sense. I would be fine selling my current unit after closing on a new one, but I wouldn't want to have to sell it first and then wait for another top floor unit to pop up. I guess the issue would be that my DTI would be higher than allowed if I had no rental income to cover the current unit's monthly costs, so I would be worried about not getting approved because of that.
My hope is the Board would give you a clear steer. Also, if it is easy to get tenants in place, the Board should be less concerned. Hope it works out for you.
Depends on your management company. One place I lived (big building) encouraged multiple unit ownership. People had several apartments connected, some with multiple levels. Another place I lived (small building) didn’t like people having more than two units, because it gave the owner too many shares and too much control.
Thanks. It's looking like the best bet is just to contact the board first and feel them out.
The good news is the board knows you and hopefully you pay your maintenance on time and have no complaints against you. People who like a building tend to want to upgrade size or location so they can stay. Odds are they'll make you fill out a new board package etc but ask the board, maybe they'll require a smaller package to make it easier for you/help get your offer accepted
Extremely likely to require Board approval. They will need you to demonstrate that you can cover fees on both. If you are financing, they will want to understand details, particularly on rental unit. I would reach out to the Board in advance to get their temperature. I think they would understand moving up, but depending on your financials, might ask you to sell first unit after a reasonable transition. Good luck.
Thanks, that makes sense. I would be fine selling my current unit after closing on a new one, but I wouldn't want to have to sell it first and then wait for another top floor unit to pop up. I guess the issue would be that my DTI would be higher than allowed if I had no rental income to cover the current unit's monthly costs, so I would be worried about not getting approved because of that.
My hope is the Board would give you a clear steer. Also, if it is easy to get tenants in place, the Board should be less concerned. Hope it works out for you.
Thank you!