Updated about 2 months ago on . Most recent reply
Condo issues : Sell or Wait it out
We have a condo in a 60 unit complex that I jointly own with my son for about 5 years. Anyway he was living there and renting to a roommate plan was to sell now as this is not a job area for what he is now planning on doing now, I got notice from the condo board the condo association has to solve issues with the DEM regarding water which could take a while and/or cost money. It's involved but it is all about the well water the condo uses and if they can hook up to town water. Would you list now and take a hit (not even sure if selling would work) or would you rent and wait for it to resolve. Could be a couple years. I don't want to be a landlord in MA and probably would turn this over to a PM. I would set it up as midterm and ride it out but the board doesn't allow that and landlord tenant law in MA is increasingly tenant friendly so it would be a risk but its a nice area so will attract decent tenants.
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From what you shared it seems like long term this can be a pain. Who knows on the water issue, could eb simple or not. I think I'd sell. If the cashflow was amazing then that would be my only hesitation. I don't think it'll appreciate crazy over time with it being a condo
- Caleb Brown