After reading the Strata minutes last night the unease I've had in my gut increased. After being tormented by the decision today I officially retracted my offer for the condo. It's kind of upsetting to me in one sense but on the other hand I'm actually feeling pretty at ease with the decision.
There were two main factors that were bugging me. The first was obviously the price of the mortgage I would have to get. As I saw it by getting the mortgage I was essentially denying myself the right to tell the company to go F themselves if I ever really just had it. I'd be tying myself to this job and the big money for a long time. The second factor was that the strata was very hardline against rentals in any form. Even if I had a room-mate in the place with me being away all the time for work the strata could start to cause problems by claiming that I was renting, due to my low occupancy rate. In the meeting it was documented twice that people had bought and were asking the strata to rent, for good reasons, and the strata turned them down flat. In each of these cases the units sat empty for very long times and I don't really want to be paying for an extremely expensive "hotel".
Overall I made a logical decision and I suppose I'm pleased with that but my emotions aren't exactly feeling that right now.
2 comments:
That's something I've never understood about stratas. Does it really increase the unit's value by that much to not allow renting? It sounds like you've made the right choice here. A bad strata council could be a nightmare.
It could. Tenants don't take care of a place as well as owners, typically. Tenants are more likely to smoke in the hallways, burn cigarette holes in the carpet, jam the security doors open, break their patio screen doors, etc... that said, if you can identify a crappy tenant like that, it's not so hard to get them evicted. It's a whole lot harder (though still possible) to get a crappy owner evicted.
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