Rental Basics in Hyde Park>Question Details

Ssiux, Other/Just Looking in Hyde Park, Chicago, IL

Lease vs Rent vs Sell a Condo in Hyde Park. What would you do?

Asked by Ssiux, Hyde Park, Chicago, IL Wed Jun 27, 2012

We don't know if we should lease our condo, keep on renting it (regardless of the penalty we've been paying since our condo board won't let u rent it for more than 2 years), or selling it and lose 30,000 approximately. Please help!

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It might depend on the penaly the association charges. How much is it? You need to figure out how many years it will take for your condo to gain in price to be able to sell and break even. If it is 5-8 years do the math.
1 vote Thank Flag Link Thu Jun 28, 2012
If you have an offer on the table for >30k, why entertain it?
If you don't then you have not lost anything.
Holding in there a little while, making your property the most marketable, and seeing what offer could come in while renting makes the most sense.

Hold your guns on the price for sale and get more involved with the board and point out all aspects of fiduciary responsibility with relation to rental incomes to maintain all assessments from all unit owners. Point out any non payers should be brought to court and if they fail to pay at such court date, they loose possession of the unit, which, at the time the board should rent for income. Is this not paramount to a non profit organization (condo board) which at times this nominer is used loosely. If you really magnify your scope by investigation of the banking records of the organization, keep in mind this could possibly be different than the published records unit owners receive from condo boards from their year end reports. By taking this approach you will shed more light on what is going on in your condo boards day to day operations.

Emery Yost
1 vote Thank Flag Link Wed Jun 27, 2012
Lease it another year would be my advice based on the very limited information you have provided.
There is solid demand for rental housing, and while single family, row house and town house prices are rebounding well, there is still an over supply of condos unless they are very updated and move in ready.
I think you will be much closer to breaking even in 12 months, perhaps even looking at a few pennies left after a sale.
I certainly don't think you will be farther behind.
I would also suggest you try and get your condo board to loosen up on the fines and work towards a policy that allows for situations like yours to be within the rules.
1 vote Thank Flag Link Wed Jun 27, 2012
Details, Details, Details

Work with a Realtor to assist you in analyzing all of your options.
0 votes Thank Flag Link Thu Jun 28, 2012
It all depends on your personal financial situation. Can you afford the 30k hit? Can you afford the fine that comes? Have you explored looking into t a short sale? I would speak with an agent directly and go over your situation. They would be able to help you out.
0 votes Thank Flag Link Thu Jun 28, 2012
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