Buying a 7 bedroom condo?

by James Bullard
(Guelph, ON)

A 7 bedroom condo is for sale at 274,000. Gross, it rents for 2700/month. It would make net, over a $1,000.00/month but the city of Guelph has a law forbidding more than 4 unrelated people in a house.
Should I buy it anyway?

Comments for Buying a 7 bedroom condo?

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Nov 10, 2012
 real estate
by: john jennings

I’m well into my second decade as a property professional. As both an investor and developer myself I talk to property investors every day. One of the things I’ve observed over the years, which I know can frustrate clients no end when trying to select the right property, is the difficulty of comparing apples to apples.
Unfortunately, sometimes developers, builders and agents can engage in some misleading advertising which can confuse clients and leave them uncertain about what they are really getting for their money. This can often be deliberately designed to prevent someone from making a side by side comparison of two different offers so they can work which one is most suitable for them.
Nov 07, 2012
 RE: Buying a 7 Bedroom Condo...
by: Tom Karadza

Hmmm... those numbers are great!!

But with the city of Guelph limiting you we wouldn't buy it.

We want to sleep at night and not worry if the by-law officer is going to shut down our rental property.

Is there any chance that your property will be grandfathered and the law doesn't apply to this house? I doubt it but it's worth checking out.

Lastly, I would just call the city and explain what you're doing and see what they say. Who knows, maybe there's some sort of exception available for certain properties.

But overall if the city doesn't allow it we wouldn't do it. Too much risk. Our great property may turn into a nightmare on us.


Tom.

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