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Buying an apartment that has a Bedroom added on

Discussion in 'Business, Careers & Education' started by justsayno, Sep 3, 2012.

  1. justsayno

    justsayno Senior member

    Likes Received:
    Apr 4, 2008
    There must be folks here who are knowledgeable about RE.

    The girl and I plan to be first time home owners and we are looking to buy an apartment. We saw a cute 2BR/BA on Sunday but found out that it's legally not a 2BR, but a 1 BR 2BA. The current owner added a bed room. From talking to the seller agent, I understood that the owner obtained HOA approval to add on the bed room.

    And I think it works out for the owner. The asking price is slightly lower than comparable 2 BR and based on the historic price, he tripled their investment in 7 years. In addition, unlike other units, this unit does not include parking and we'd need to lease from the building management.

    What are some questions that we should ask the agent/owners before going to the next step? Should I be concerned about buying such a property?
    Last edited: Sep 3, 2012

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