Mistakes When Buying a Condo in a Two to Four Unit Complex in Boston

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.

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Phil Ganz (354 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

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