Posted on: 23rd Feb, 2009 05:48 pm
The HOA consist of a small 4 plex. Currently, there are 4 individual owners. 2 owners would like to rent. I would like to know how this effects my units value. It seems like a bad idea.
Hi drupert!
Welcome to forums!
Most of the associations do not allow tenants in their property in order to maintain the value of the property. There is a common belief that renters do not have the same sense of home-owning values as owners do. You can check out the agreement that has been signed by the owners. If the agreement states that they cannot rent the property, then they will not be able to do that.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Most of the associations do not allow tenants in their property in order to maintain the value of the property. There is a common belief that renters do not have the same sense of home-owning values as owners do. You can check out the agreement that has been signed by the owners. If the agreement states that they cannot rent the property, then they will not be able to do that.
Feel free to ask if you have further queries.
Sussane
I am one of the 4 owners and all owners are in the HOA. Currently we do not allow rentals. In order to do so, do we have to amend the HOA by laws? Also, do you have an opinion about this issue? Would you allow rentals if you were in my position? I plan on living in my unit and am not too cool with renting.
From my experience in viewing neighborhoods with predominant rentals, most renters do not care for the property, at least to the extent that a homeowner would. In the long run, this could be a detriment to the value of the property.
Also, and I may need help from the lending community on this one, but many loan programs do not allow for high percenatges of rentals in condominium projects. The more difficult it becomes to finance the property, the harder it is to sell.
Also, and I may need help from the lending community on this one, but many loan programs do not allow for high percenatges of rentals in condominium projects. The more difficult it becomes to finance the property, the harder it is to sell.
