Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I live in a resort community and we have a fabulous board. We also have no rental restrictions. We have had few problems though because we are largely a full time community and no one wants party city. We have lovely amenities and want to keep them that way. We do have a couple of rentals now and one in particular that is a potential problem due to AirbnB posting as sleeping a large number. The family just purchased with the intent to rent and we are currently in the process of rewriting our bylaws and declarations for approval. We have means to fine ($$) the homeowner if a renter violates the rules and essentially can also rescind the use of facilities if their tenants violate the rules repeatedly. i.e. family 1 creates problems, owners are warned and if it continues they are fined. Family 2 comes in and creates problems, if the owners have already been fined they are locked out.
One of the ideas we are putting forth for a vote is that for year 1 of any new purchase there is no rental and thereafter only long term 6 months or longer. Our current board is on top of things, but there may come a time when the board is not and we are looking to secure the future of our homes.
What about those who convert their garage into rental?
Once I read housing is such a problem in London,homeowners will buy those units for their small lot in the backyard,each unit could be one or two rooms with water and electricity,they rent for GBP400-600 a month.
thats very good money for middle class homeowners living on their meager retirement income .
I like the no renting for six months after purchasing rule. During the housing collapse around 2007-2008, investors were grabbing up all the homes/condos that were being foreclosed on, then turning around and renting them out which in turn started the craziness around here with rents getting higher and higher. Also every day people were unable to buy because the investors were snapping everything up with cash.
Also I was unable to use my VA benefits to buy a condo I liked because more than 40% were rentals. Once a complex has too many rentals, things start to go downhill in many cases.
I see your point. But I still view them as guests. Paying guests that I invited into my home. If government wants to tax those proceeds, I have no problem with that. It’s the prohibitions that some associations and governments have on such guest arrangements that rub me the wrong way as I view it as an assault of property rights.
Yes, but in a condominium, it's not 100% your property. If there are 400 units in the highrise, you may own approximately 1/4 of 1% of the property. So if 99.75% of the property owners don't want to live in an ersatz hotel, but you have no problem with it, do you really think that not allowing paying guests is an assault on your miniscule percentage of property rights?
Yes, but in a condominium, it's not 100% your property. If there are 400 units in the highrise, you may own approximately 1/4 of 1% of the property. So if 99.75% of the property owners don't want to live in an ersatz hotel, but you have no problem with it, do you really think that not allowing paying guests is an assault on your miniscule percentage of property rights?
Yes it is, because that's how it starts that logic HAS been extended to private property of all types, it's why one of my ex's stepfather was rushing to build all kinds of add-on's to his property once he noticed the land surrounding his was starting to get developed because he knew the next step would be ordinance's telling him what he could and couldn't do so he wanted as much grandfathered in as he could and sure enough that's exactly what happened, and HOA formed around him which he refused to join then the county started making restrictions which he fought and was grandfathered so he did not have to change anything. basically all he did was turn all the transient structure's on his property into permanent structures while there were no laws saying he could not, like pouring a cement parking lot for all the car's he tinkers on, and cement foundations for the sheds and shacks that were on his land and the old barn he had made into a machine shop.
I would never buy a condo to be a rental, so if I am buying a condo it would be for me to live in and I would want a building where no rentals of any kind are allowed.
Tenants living in a condo treat it just like they are living in an apartment building because to them, a condo is no different than an apartment. Some are good neighbors and some aren't, but if there are problem tenants, each unit has a different landlord. There is no central management who can try to control the unruly tenants. A bad tenant might have a landlord who doesn't care what the tenant is doing.
I'd hate to be surrounded by Air BnB units. Those people are on vacation and likely to be staying up late and whooping it up. It would be difficult to try to live a regular life surrounded by all the partying. There are also very likely to be a large crowd of vacationers in each unit as families share the AirBnB and split the cost.
If the" no renting" condos are cheaper (and a doubt it) then it balances out. You might not get as much when you sell, but you didn't have to pay as much when you bought it in the first place.
........Tenants living in a condo treat it just like they are living in an apartment building because to them, a condo is no different than an apartment. .........
If you enjoy the thought of living in an apartment building, why bother to buy a condo? Just rent an apartment.
Rentals with a 6 month minimum lease, that must be submitted with a small fee to the HOA.. And that gives the hoa a chance to insure the new renters have seen the rules and can't simply claim I didn't know about the ________ (dog, cat, parking, garbage) rules.
This is my preference. We recently moved from a mixed neighborhood - single family homes on large lots and small clusters of duplex townhomes in the mountains of NC, a resort/tourist-focused area. Less than half the homes were full-time owner/occupants, the rest were seasonal, second home owners. Our HOA restricted rentals to 6 month minimum leases. It worked well. In the past 10 years, there was only one home that was leased, and she treated the property as if it was her own... took great care of it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
