Quote:
Originally Posted by vintageogauge
If that's true for all new homes being built down here it should push up the prices of re-sales that can be used as rentals as they would not be subject to that particular restriction.
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Yes, new rule has pushed preowned prices. We had 3 homes in TV, one for a vaca home for us few months a year.
The other two we bought for parents to use, during high season, with no money out of their pocket, when 3 of 4 passed, we rented out the homes long term.
Our agent called with 4 buyers, before we had thought of selling. He explained that due to housing shortage, new builds had a clause in paperwork that home could not be investment property. We Sold above ask in less than 48 hours. Both buyers not ready to retire, so win win all around.
We wanted to invest in a larger home, with the profit, but as of today, It will have to be a preowned