dilemna regarding my townhouse

dabuddha

Lifer
Apr 10, 2000
19,579
17
81
I'm currently renting a townhome in Alexandria. The property got bought out by another company a few months ago and we just recently learned that they're going to renovate all of the properties and sell them.

It turns out I'm one of the lucky winners and I get to be part of Phase 1 of the renovations. (sarcasm)

I just moved here at the end of July and now they're telling me I have 3 weeks to make a decision.

Decision 1: Purchase the townhome. I'll get all the details on thursday about how much they want, condo fees, etc. If I decide to purchase it, they'll move me out at the end of November to another townhouse located on the property. They'll renovate my current townhome and when it's done, they'll move me back in.

Decision 2: I can stick with my lease (which ends in July 2005). They'll move me out at the end of november to another townhome on the property. They will not move me back after they finish renovating my current townhome.

Decision 3: I can break my lease with no penalty and they'll give me $700. I might be able to get more but moving out will be tough because my wife isn't working at the moment so our income might not qualify us for a lot of places.

Decision 2 is sorta what I'm leaning towards but it angers me that they're moving me from my townhome. It's in the perfect place (parking is always available) Should they not compensate me for all the trouble they're putting me through?

Decision 1 is a maybe. It all depends on the bottom line numbers.

Decision 3 is a tough one because it's hard to find a place that's cheap around this hell hole

So basically, should they not compensate us for making us relocate?
 

ragazzo

Golden Member
Jan 9, 2002
1,759
0
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they don't have to compensate you because of #2. they're willing to relocate you elsewhere on their property. how much to buy? go to realtor.com and see how much townhouses in your area are going for.
 

MustISO

Lifer
Oct 9, 1999
11,928
12
81
They SHOULD compensate you but I'm sure they probably don't HAVE to. Once you find out how much they're asking for the place, you'll be able to evaluate no. 1 better. Would the sale price be before the changes to the house? That might be decent depending on how much work they're going to do.
 

dabuddha

Lifer
Apr 10, 2000
19,579
17
81
We were estimating that they're going to ask for ~$240-280k for the townhome. I'll find out for sure on thursday morning when I meet up with them. The sale price is for the renovated townhome.
 
Nov 7, 2000
16,404
3
81
If you can afford it, and you liek the place, I would go for #1 - better to pay mortgage and put equity into your home than money into someone elses pocket.

They are not obligated to let you renew your lease, but at least they are giving you plenty of heads up about whats going on.
 

dabuddha

Lifer
Apr 10, 2000
19,579
17
81
Originally posted by: HardcoreRobot
If you can afford it, and you liek the place, I would go for #1 - better to pay mortgage and put equity into your home than money into someone elses pocket.

They are not obligated to let you renew your lease, but at least they are giving you plenty of heads up about whats going on.

I don't want to renew my lease though. My lease doesn't run out till july 2005 which I'll be glad to move then. I just moved 3 months ago and I'm still tired from that :p
 

waggy

No Lifer
Dec 14, 2000
68,145
10
81
Originally posted by: dabuddha
Originally posted by: waggy
well how much do you think they should compensate you?

I'd be happy with 1 months rent or at least half that.

ok that is reasonable. I thought you would ask for something insane like half off for the lease or something lame like that.

1 month may be pushing it. but half off for a month sounds fine. I wold talk to the owner and find out. Also check local laws though i doubt they have to do anything besides pay for moving.

 

rahvin

Elite Member
Oct 10, 1999
8,475
1
0
Apartments designed and built to be rented and sold as Condo's = teh suck.

Some things to consider, apartments are often built with as little sound proofing as possible to keep costs down when they renovate they are NOT going to improve sound proofing. They will do the absolute minimum to make the property sellable, this means they will paint and recarpet (and that might be all they do). Usually when a property owner decides to liquidate a complex like this is there is a reason, for instance something that will require major repairs to the buildings within a 10 year time frame (such as reshingling) that decreases their return on the investment. The solution to these repairs is to make some cosmetic and inexpensive changes, sell them as condos and let the future owners and their association deal with the substantial future capital costs.