If you want a kiss from your spouse when you come home, go buy the right home. With recent home prices skyrocketing, many developers and home owners have converted multi-families into condo units. This can be a great alternative to the traditional big condo complexes without the headaches of dealing with a single family or an intrusive condo association.
If you are buying a condo, there are different rules for the number of units in a complex. Small complexes are four units and under, and big complexes are five units and greater and also have different requirements. To keep things simple, I am going to be discussing small complexes four units and under.
Here is what you need to know when you are buying a condo and the complex has less than four units
Owner Occupancy: Only one unit can be investor. This means if it is a four unit complex three have to be owner occupied.
Legal Review: No legal review of the condo documents, including condo budget is necessary. Your lender might ask for the condo budget, but it will not affect the condo approval.