How pets & rentals by-law restrictions can reduce your home value

If you ever lived or owned a condominium you are most likely aware of the strata bylaw restrictions in regards of pets and rentals.
Existence or absence of these restrictions can greatly affect the value of these buildings and individual units when it comes to selling.

From the Strata company point of view having no pets and no rentals by-laws greatly reduces the work load and potential problems, also having only owners living in the building makes it easier to pass assessments, pay for required upgrades etc.

One can also argue that having only owners living in the building keeps the building in better shape and care which in returns mean better value.

Unless you intend to live in your condo for a long time (generally people move approximately every 5 years and condo living is usually for first time buyers and young couples and families) when the time comes to sell your unit, having by-law restrictions can greatly reduce number of potential buyers, mainly investors (up to 50% of the buyers) and this does effect the value in comparison to the other buildings that have no restrictions.

One can also argue that having lots of investors, takes it harder to pass and pay required work on the building, and renters usually don't take care of the common area like owners would do etc.

What do you think? Would it matter to you? Would you buy in no rental building?

Looking forward to hear your comments!

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Sanjin Cvetkovic

Sanjin Cvetkovic

CENTURY 21 In Town Realty
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