Home Buying in Hawthorne>Question Details

Mowardak, Home Buyer in Valencia, CA

HOA Rule says I cant rent out my condo for 1st year I buy it. WHAT??? Can HOA do this???

Asked by Mowardak, Valencia, CA Wed Dec 19, 2012

Help the community by answering this question:


Shane Milne’s answer
Yes, they can. The CC&Rs & bylaws of the HOA are no joke, it's very important to read them before you purchase a condominium. Not all HOA's have that restriction, but many of them do. Further, even after the first year, there may be additional restrictions on renting out your condominium. For example they may only permit a certain amount of condominiums to be rented and if that percentage has been met, then you would have to put yours on a waiting list. The purpose of that may be to either maintain their approval for FHA & conforming financing, or just to maintain "pride of ownership" as studies have shown that owner occupants take better care of their properties than tenants do.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Thu Dec 20, 2012
spot on answer!!!
Flag Mon Jan 7, 2013
Yes, This is a very common practice.

Kawain Payne, Realtor
0 votes Thank Flag Link Thu Nov 21, 2013
HOA rules the community you buy in. It's too bad the realtor you bought the condo with did not share that.
0 votes Thank Flag Link Wed Sep 25, 2013
That rule is most likely written in the CC&Rs (codes, covenants, and regulations) you accepted when you purchased your home. Some HOA's are more strict than others but it sounds like you have a strict one.
0 votes Thank Flag Link Fri Aug 9, 2013
Yes Indeed they can...and more!! It's so important to read and know the CC&Rs in a Development. There is good reason for this because if too many units are leased instead of owner occupied, it will be difficult to be able to sell due to lending restrictions.
0 votes Thank Flag Link Tue Jun 4, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer