Home Buying in Sun Prairie>Question Details

Chandu, Other/Just Looking in Sun Prairie, WI

Can I purchase a condo with the only intention of renting it in the next 2 years as I am a contractor and might move out of Madison area?

Asked by Chandu, Sun Prairie, WI Tue Dec 17, 2013

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Bill is correct again - you have to review the declaration and covenants as well as rules and regulations to determine if it is possible to do What you intend. A better choice is a single family home or duplex that you can turn over to a management company when you leave. Almost any lawn care company can handle your lawn and snow service for about the same cost as a condo fee. Let me know if you would like to chat. Ereusch@BunburyRealtors.com
1 vote Thank Flag Link Tue Dec 17, 2013
Signs point to "No".

Most condo associations restrict rentals and if they don't, they should. Too many rentals is a common reason for Lenders to deny financing or, if they will finance, they will want bigger down payments/variable rates.
1 vote Thank Flag Link Tue Dec 17, 2013
There are also 4 in Sun Prairie
0 votes Thank Flag Link Wed Dec 18, 2013
Currently in Madison alone there are 96 units available that allow rental. Would love to help you purchase one!
0 votes Thank Flag Link Wed Dec 18, 2013
IF…If they don't already have the quota rented, IF you have lived there for more than a year, IF you keep the unit listed for sale while it is rented, IF the lease is for only 1 year w/o a renewal, IF the reason you are renting is health, job, family and not investment, IF…well, you get the idea. By-Laws are crucial, Executive Summary is a "Yes/No" answer, usually followed by see specific page of By Laws.
Flag Wed Dec 18, 2013
As stated by the agent below, many condominium associations restrict rentals. These restrictions do vary by association. It is best to review the Executive Summary for the property as well as the by laws for the association. The answer to the rental question should be found in these documents.
0 votes Thank Flag Link Tue Dec 17, 2013
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