What is "Percent Owner Occupied" in Real estate home listings for townhouse and Condos? I’ve seen 89%, and 25%? Does this mean? You can only live 89% of the space out of the unit?
Banks prefer to loan in complexes that are full of owners rather than full of renters. Renters never take quite as good care of the property as owners.
The goal is 70% owner-occupied and you can usually get any type of bank financing. Any less and the loans have more restrictions..
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It means that of all the units (condos or townhomes), that percent is actually occupied by the owner and not rented out. The thought is that communities with higher percentages of owner-occupied houses are in better upkeep than communities with lower percentages as renters don’t care as much about the homes (since they don’t own them). thus, an 89% owner-occupied community is supposedly more desirable than a 50% owner-occupied community.
References :
Banks prefer to loan in complexes that are full of owners rather than full of renters. Renters never take quite as good care of the property as owners.
The goal is 70% owner-occupied and you can usually get any type of bank financing. Any less and the loans have more restrictions..
References :