Home Buying in 60639>Question Details

Sara, Home Buyer in 60634

Hi and thank you in advance to everyone that will answer my question, I am looking to buy a 1 bdr condo in chicago portage park.

Asked by Sara, 60634 Sun Oct 9, 2011

A condo that I liked says no rentals allowed. It is a corner building with entrances from both streets. The other entrance has a for rent sighn so they do rent but the one I want maybe has another managing party. I dont intent to rent it but who knows in the future. Also for resale purpose, investors wont buy it.
Why the difference of rental rule in the same building?? What are the cons of buying such a place.
Any other advice will be highly appreciated
Eliona

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Answers

12
Hi Sara I suggest if you are interested in buying a condo and need to know the rental question and all other
details answered before deciding on which property to buy, contact a local realtor familiar with condo purchase and the association by-laws (different for every building!) and can check on the rental question ahead of time
on your behalf. It does not cost you anything to work with a buyers agent and it is to your advantage, not only
finding the right property for you, but also in your price range and with checking the different terms and
regulations for you and on your behalf. If you need a Realtor recommendation let us know.

Good luck to you in your search, other agents below have touched on why in a same building the rules may
be different, more often there could also be a limited number of rentals allowed in the building and they may
have reached that magic number!
Work with a Realtor !!!!

Edith YourRealtor4Life and Northern Illinois Northshore Connection
Working always in the very BEST interests of her clients !
0 votes Thank Flag Link Mon Oct 10, 2011
The property manager should be able to answer your question as to whether or not rentals are allowed. In some buildings "new" owners may not be allowed to rent their unit where as previous owners may be grandfathered in and they are allowed to rent their units. Some building have a time duration (1yr/2yr) after which an owner is allowed to rent out the unit. A realtor representing your interests could assist you in this process. I'd be glad to help if you need anything.
0 votes Thank Flag Link Mon Oct 10, 2011
I can help you buy a great condo in PP and finance it and walk you all the way through the closing.. I need to have you come intot he office and lets set up some showings ect.
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Mon Oct 10, 2011
The negative side would be that if you were going to sell or needed to rent because selling would not be an option because of the market, or you had to relocate this would present a problem. The resale value on one bedroom condos are not in great demand. . Also the building would need to be FHA approved that would allow a buyer to only have 3.5% down especially in this financial climate. On the positive side if you like the unit and the negatives
would not be part of your future,I would go ahead and purchase after I received comparables in the area that match
the asking price of your interest. Good Luck Debbie Bergthold-Smith Classic Real Estate 708-267-5552
0 votes Thank Flag Link Sun Oct 9, 2011
Hi Sara-

The major positive side about a condo building that does not allow rentals is that since all units are owner occupied the building is generally kept in better condition rather than a building that consists a lot of renters. The downside would be, yes, it would unfortunately limit you to be able to rent your unit out if ever you wished to do so in the future. However, the decision to allow units to be rented in a building are typically decisions made by all the unit owners of the building. That rule can be changed in any given building as long as the majority of unit owners decide to allow units to be rented in the building.

I am very familiar with the Portage Park area. If you let me know what you are looking for as noted below, I would be happy to help you find a place.

1) Price Range
2) Time constraints? (ie, need to move by certain date, etc)
3) Are you open to short sales/foreclosures?
4) Any preferred ares within Portage Park?
5) Any floor preferences? Are you open to garden units?
6) Any other MUST HAVE features (ie, washer/dryer in-unit, granite countertops, hardwood floors, sq ft minimum, balcony, etc)
7) Do you need an assigned parking spot?

Feel free to call or e-mail me anytime!

Thanks!
Suzy Pinal
Realtor Associate
Jameson Sotheby's International Realty
847-845-4555 (cell)
312-612-1136 (fax)]
spinal@jamesonsir.com
0 votes Thank Flag Link Sun Oct 9, 2011
Hi Sara-

The major positive side about a condo building that does not allow rentals is that since all units are owner occupied the building is generally kept in better condition rather than a building that consists a lot of renters. The downside would be, yes, it would unfortunately limit you to be able to rent your unit out if ever you wished to do so in the future. However, the decision to allow units to be rented in a building are typically decisions made by all the unit owners of the building. That rule can be changed in any given building as long as the majority of unit owners decide to allow units to be rented in the building.

I am very familiar with the Portage Park area. If you let me know what you are looking for as noted below, I would be happy to help you find a place.

1) Price Range
2) Time constraints? (ie, need to move by certain date, etc)
3) Are you open to short sales/foreclosures?
4) Any preferred ares within Portage Park?
5) Any floor preferences? Are you open to garden units?
6) Any other MUST HAVE features (ie, washer/dryer in-unit, granite countertops, hardwood floors, sq ft minimum, balcony, etc)
7) Do you need an assigned parking spot?

Feel free to call or e-mail me anytime!

Thanks!
Suzy Pinal
Realtor Associate
Jameson Sotheby's International Realty
847-845-4555 (cell)
312-612-1136 (fax)]
spinal@jamesonsir.com
0 votes Thank Flag Link Sun Oct 9, 2011
Something does not sound right. If both sides of this building are the same condo association then either rentals are or are not allowed. Each association makes its own rules for everything including rentals. In the last 4 years many buildings have put rental caps on the % of units that they allow to rent because banks do not like to lend in buildings with a low owner occupancy %. When the % goes below 70% it starts to eliminate the pool of potential lenders therefore making it more difficult for buyer to buy, therefore forcing prices lower........in theory.
Who told you that no rentals are allowed? Ask them why there is a rental sign. Part of the buying process is for you to get all the rules of the building and you will also get a form called the 22.1 Disclosure that tells you lots of financial information about the building. If you do not like what you see you can get out of the deal. If you do not have an agent you better have a good attorney.
My web site has some attorney references as well aslenders and other information that might be helpful for first time buyers.
0 votes Thank Flag Link Sun Oct 9, 2011
Sara,

Good question. There are a couple of possibilities as to why 1 condo states no rentals, and another has a "for rent" sign. It's best to have the listing agent look into the Condo Bylaws to determine if the condo restricts investment properties, or puts an owner occupied timeframe on the unit. Both are possibilities, however, the only conclusive answer has to come from the Condo Association's Bylaws.

It's best to have your Broker work with the listing Broker to determine this information, as well as whether or not you will be able to use the unit for investment purposes if you intend to buy. If you are not currently working with a Buyer's Agent, feel free to contact me, I would be happy to assist you with your search, and answering whatever questions you may have in the process.

Regards,

Jerry L. Davis Jr.
Broker REALTOR®

2301 N Clark Street
Suite 202
Chicago, IL 60614
Direct: 312.264.1194
Cell: 787.225.6453
Fax: 312.264.1394
Email: jdavis@Rubloff.com

The Prestige of RUBLOFF.
The Power of PRUDENTIAL.
0 votes Thank Flag Link Sun Oct 9, 2011
Try to get a copy of the by-laws before making your decision. The By-Laws govern. Your agent should be able to help you. Rely on YOUR agent!
0 votes Thank Flag Link Sun Oct 9, 2011
You did not say how you know rentals are not allowed. Whose "For Rent" sign is it? Does it belong to a private party or is it an agent's sign? In either case they could be wrong about rentals. Rentals depend on the condominium by-laws; they rule.

Rob
708 352-2990
0 votes Thank Flag Link Sun Oct 9, 2011
Please ask your realtor to help dig up the answers for you. If you do not have one, please contact me and I can help you out.
Jesse McGrath
@properties
312-545-2775
jmcgrath@atproperties.com
0 votes Thank Flag Link Sun Oct 9, 2011
I would call the listing agent find details.Usually condos allow rental. Thank you.
0 votes Thank Flag Link Sun Oct 9, 2011
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