Home Buying in Boca Raton>Question Details

DB, Home Buyer in Fort Lauderdale, FL

Do HOAs ever compromise on their rental restrictions??

Asked by DB, Fort Lauderdale, FL Fri Jul 12, 2013

There is a property which I absolutely love, but everything is being held up by the 2 year rental restriction. I'm not an investor, but I'm currently living out of state and anticipate moving to the purchased property in the next year or so once I settle with a new job. However, I can't pay double rent for the next year or so and need the rental income to make ends meet.

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HOA rules are created and enforced by the owners within the community. Since there is usually are good reason that is associated with these restrictions, it's highly doubtful that any exception would/could be made.

You would be asking for an exception for something that all other residents have agreed to abide by. Think about all of the other buyers that had to pass on similar opportunities because they took exception to the rules.

Fair is fair....

Sorry
0 votes Thank Flag Link Sat Jul 13, 2013
Do you serve Palm Beach county?
Flag Sat Jul 13, 2013
HOA and rules and condo rules are tend to be the same for everyone. If you own a condo and want to rent it, your renter must submit an application to the association.

The association will have a record of your purchase, so they will know immediately whether or not you have owned the unit long enough to be able to rent it to a tenant.

You may want to consult an attorney for a definitive answer, but from what you have related, this unit does not sound like it will work for you.

Marc Jablon
Johnson and Johnson Team Realty
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Sat Jul 13, 2013
Your concern is a real one which you need a definite answer on, I think. Really, don't take suggestions and opinions from anyone when you can simply call/write/email the HOA office and tell them your situation. If they say they occasionally ease up on the rental restriction or that they accept rentals under certain circumstances, ask them to email that answer to you or forward the HOA documents that show that. The last thing you want to do is rely on a verbal opinion or even a written one from someone who has not got the power to grant your request.

I have found most people in the HOA offices to be pleasant and eager to provide accurate information when they are approached about it courteously. Explain the situation and ask for help. Or, at the least, ask your broker to approach the HOA about this and have the answer put in writing (pen or email).

My specialty in real estate is gated and country club communities in the Boca Raton area. I'm giving you advice I would give my clients, my family and my friends. Don't take a risk of being stuck when it's this simple to get an answer you can rely on. It will only add stress to moving, finding a job and balancing your accounts. No need!

Good luck ... I hope it works out for you.

Kathleen Fineman
Kathleen.Fineman@elliman.com
# 917-709-4957 Kathleen
#917-621-6722 Seymour
0 votes Thank Flag Link Fri Jul 12, 2013
Be aware, when a predetermined percentage of units are NOT owner occupied, or owned by one party, many lenders will cease granting mortgages. This will impact all owners. Did I mention it would affect the ability to easily sell any untes in the community?

They can not and SHOULD NOT compromise on these restrictions. The board could very easily compromise the values in the community and be violating their duties as an HOA.
0 votes Thank Flag Link Fri Jul 12, 2013
This is one restriction you won't find any flexibility on, but you might want to ask other owners just to make absolutely sure.
0 votes Thank Flag Link Fri Jul 12, 2013
Probably not!
I would treat that as a Red Flag;
Many HOAs are restrictive to the point of being oppressive and dictatorial. If you are truly interested in that HOA, I would really suggest visiting there and talking to the residents to learn what it is really like to live there.
0 votes Thank Flag Link Fri Jul 12, 2013
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