1st. I was told all owners had to get hurricane windows or shutters on the windows per a letter by the ins. company & if we didn't get them by a certain date, they would get them and charge the owner
2nd when owners ask for a complete copy of the past bylaws we are told we are sent them
3rd we have a 80 year old lady (not a owner) doing the books who is in financial trouble, and no-one except a couple people are allowed to review the bank records to see what deposits are made & what is being taken out
4th we have a lot of money in reserve & they never want to use it to fix things around the building, they just make special assesments & raise HOA
I was a financial officer for many years and things don't add up to me , but as one of the 20 owners I am not allowed to make sure money is not being spent in the wrong way
seems the young owners who are not down in fla. are harassed and they make it hard on us , because they know we don't have the money they do & we owe on our places & we have to fly down & make a special trip to florida
WHO CAN ANWSER SPECIAL QUESTIONS ON MY RIGHTS ON A CO-OP OWNER
THANK YOU VERY MUCH
Recently a client was searching in Hallandale and condos vs cooperatives came up.
This time the client was an investor and the building he was asking about had the rental restriction once in a lifetime. Of course this was not acceptable to him and he quickly switched back to condos.
Of course there can be restrictions on renting out condo's too. Retal restrictions needed to be addressed by investors and any Realtor who takes his or her work seriously wil point this out to a potential investor.
We've seen many different restrictions on rentals depending on the building.
-Rent immediately OK
-Rent once every three years
-No rentals allowed in the first two years of ownership etc.
I always recommend letting your Realtor know what you are looking for and what you will be using the new home for. Circumstances change and depending on the decisions made by a buyer the condominium and cooperative rules and regulations can work for and against the needs of the
If you are moving in to a building which limits rentals and you plan to live there you may be happy that the building has few renters as this generally keeps the fluctuation of the residents down. There are may ways to view the rules. Happy to discuss.
Prudential Florida Realty
Odds are that if you purchase a coop you will need the approval of the board of directors before you can rent it. They have more ability to deny the rental than a board in a condo.
There are many single family houses in non-gated communities, where you will have a much greater flexibility on to whom you rent and how often you rent.
There are both benefits and drawbacks to owning a single family, or multi family, home. You are responsible for all the maintenance; groundskeeping, painting, roof repair, etc. Some of these things are covered in the maintenance fees when you own a condo or townhouse. If your home is in a community with no HOA, you don't have to worry about limits on the number of rentals per year, pet restrictions, age restrictions, or what else is going on in the HOA.
Please contact me directly if I can be of further service.