Jeff’s Carlsbad Blog for First Time Home Buyers

Are Those Occupants Residents or Tenants?

A critical question buyers need to consider when buying a condo in Carlsbad, or anywhere else in San Diego, is  “are those occupants residents or tenants?

I don’t mean that we fundamentally care who is living there.

The issue has to do with the mortgage requirements that a minimum of 51% of the units in a condominium complex must be owner occupants (i.e., not second homes or investor-owned properties).

If you can find this out before  getting too far along in the offer process (your REALTOR will help with this) you can save yourself some possible disappointment.

During the due diligence process here in CA we investigate the status of the HOA, review HOA docs and budget and other matters, which includes the percentage of owner occupancy. But finding out before you get that far along will save time and heartache. It MAY be stated in the MLS but in my experience it usually isn’t.

While many condos do meet that requirement easily, there are some complexes that are popular with investors so it is an important detail to add to your due diligence as a buyer.

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All content copyright © 2010 Jeff Dowler “The California Relocation Dude”


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