Why is it so complicated when I consider rental restrictions on the condo I wish to buy?

Let’s assume you want to rent it out right away, or want to “know” you can later:
-If a condo association allows rentals today and capacity remains unfilled, you may be encouraged, but…
-Others may also be encouraged by existing capacity/rules, and may buy in the building specifically to rent, or may hold and rent instead of selling when they move on. And…
-The rules may later change. Each HOA has its own rules, but it seems that if somewhere between 51%-80% of your neighbors agree, such a rule can be changed. Why would do they this?
-Because “too many” rental homes in a building can cause difficulty in refinancing and new financing (normally needed in order to sell), most buildings without rental restrictions are talking about putting them in place.
Posted on December 1, 2011 at 7:10 pm
Michael Doyle | Category: Uncategorized

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