Do I have to use Tenacity Mortgage to finance my unit?
No. You are free to use outside financing to fund the purchase of your unit.
What if I want to continue renting?
The tenant association will decide what, if any, rental options will be allowed.
What if I donít have a down payment?
It is possible to finance the entire purchase price and closing costs. You will not need additional money for settlement.
Will I need cash for closing costs?
No. Closing costs can be included in the purchase price.
How will my credit history affect my ability to purchase a unit?
Tenacity Tenant Conversions and Tenacity Mortgage will work with you to secure a loan, regardless of your past credit history. In addition, Tenacity Mortgage offers a credit repair service to improve your credit rating and potentially your loan terms.
Do I have to upgrade my unit's kitchen or bathroom?
No. But renovated units are more likely to achieve higher market prices at re-sale.
Do I have to move out of my apartment to do internal unit upgrades?
Not usually. The construction crew can work around you as you continue to live in your unit. The exception is when there are asbestos abatement repairs.
Can my best friend buy an empty unit at the insider price?
No. Typically, the only people that will have the opportunity to buy at the insider price are current residents. Your friends may purchase fully-renovated units from Tenacity Condo Sales at the outside purchase price.
Can we make changes to the outside of the building (e.g., roof deck, landscaping)?
Yes. Tenacity Tenant Conversions will help you create a comprehensive common area improvement plan. A variety of exciting changes and additions can be made to the common elements of the building, if the tenants association votes to do them.
Can we construct storage units or a bicycle room in the basement?
Yes. Included in the construction budget construction of individual storage units or bicycle rooms can be an inexpensive add-on. Bicycles can be destructive to common areas, so a bicycle room is a wonderful solution for convenient bike storage.