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Percent owner occupied will not affect your assessments. Assessments are by unit not by owner occupant for renter occupied units the landlord will pay his portion of his special assessment. And as for 80% owner occupied being low, that is actually extremely high. 95% is unrealistic. I would be willing to bet that there are very very few condo buildings that are 95% owner occupied.
Our condo community is 97% owner occupied. It isn't a high rise, but houses, just connected in clusters of 3 or 4. The condo bylaws only allow up to 3% rentals.
This is a fairly narrow-minded point of view. Plenty of "respectable" people live in apartments, especially in big cities like New York, San Francisco, Chicago, DC, London, Tokyo, Paris ...
Condos in my neighborhood start at $1.3 million. I promise you these "apartment dwellers" don't know want to be surrounded by the likes of you either.
Actually, even the trailer homes here are getting another look because the housing crisis is so terrible. The dwelling you live in says nothing about you as a person.
Lol....he probably lives in a log cabin in the middle of nowhere.
TYVM, although it's about to become just a part-time view because we just bought a house in the City of Miami as well, so we'll be splitting our time between the two residences.
I don't understand why you think that the percentage of owner occupants has anything to do with assessments. One-hundred percent of the owners have to pay their percentage of the assessments, regardless of whether they live in their unit or rent it out.
What if it's a foreclosed unit? I am still confused about condos, so thank you for pointing out about assessments not being related to number of units rented. I had read somewhere to look for a high percentage of owner occupied units. I had just assumed this had something to do with the assessments.
Percent owner occupied will not affect your assessments. Assessments are by unit not by owner occupant for renter occupied units the landlord will pay his portion of his special assessment. And as for 80% owner occupied being low, that is actually extremely high. 95% is unrealistic. I would be willing to bet that there are very very few condo buildings that are 95% owner occupied.
I agree. At least in Florida, from what I can see. In fact, many of the listings state that unit cannot be rented out "before 90 days". Like 90 days matters?
I don't understand why you think that the percentage of owner occupants has anything to do with assessments. One-hundred percent of the owners have to pay their percentage of the assessments, regardless of whether they live in their unit or rent it out.
Unfortunately if a unit is in foreclosure nobody is paying those fees which can cause a problem. I live in SW Florida where small condos that were selling for $200K and up during the boom dropped to under $100K so many who found themselves upside down in their mortgage just walked away leaving nobody to pay the HOA fees.
My friend bought her condo unit 5 years ago. The HOA fees were $28K in arrears. The bank that was selling this foreclosure didn't even realize it until right before closing.
I just moved into my condo (high rise in Honolulu). On one side of my unit are the elevators. The other side houses the trash chute room. End result: I don't have to put up with any potential noise coming from neighbors to either side of my unit (the elevator and trash chute areas are extremely quiet).
My condo is about 54% owner occupied, so mostly owners, but not by an overwhelming majority.
The floors and ceilings are pretty well insulated in my buildings, so I haven't heard anything above or below me. Now, there is traffic noise being that my building overlooks the interstate here (no, I don't know why Hawaii has "interstates"). There are "quiet" hours that are enforced pretty strictly by the HOA, which is a good thing.
Yes, the HOA fee can increase with proper notice and approval of owners. Thankfully, we have a pretty soundly run HOA with plenty of cash reserves, so I don't see any increase occurring anytime soon.
As for washer/dryer, while I can't speak for most condos, my condo doesn't allow individual units to install/run washers/dryers. However, the HOA covers several community laundry rooms within the building.
The HOA ran a basic background check on me (looking at financials primarily) when I made my offer on the unit. I'm not sure if there's a similar rule/process if one wants to rent one's unit out, but it wouldn't shock me if there was.
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