All condo/townhome associations vary slightly, but typically, interior repairs, updating, etc. do not require that the association be involved. Check the association docs for the exact information on what's required.
As far as fixing up and selling, great idea! If you plan to rent it out though, do the same, check association documents for any regulations on rentals.
Thanks, Todd Norsted
I am new to the site so I am sorry you have not received more responses. If you are still looking for a townhouse, I hope this feedback helps. Depending on the extent of the interior repairs you may have to obtain approval from the association. When you are out viewing townhouses with your Realtor and you stumble upon a property you are interested in have your Realtor contact the association management company with your questions. That is unless you want to wait until you submit an offer and have time to review the documents. However, I would save the time and ask right away. Also your Realtor will provide you a CMA of the townhouse community to see what kind of upgrades others have done so you do not price yourself out of the market. I would also look at buying the property for a long-term investment and resale value as well as the affordability of the monthly association fee (the upgrades to the exterior of the building including decks, landscaping, windows etc. are all important factors to look at as well). If you are looking to rent out the property the association will generally have a cap on the percentage of rentals they permit within the community-as well as a minimum lease term of 6-12 months.
Also do some research on the rental rates of a condo vs a townhouse to determine which property will provide you with the best investment.
Now is the time to Buy. Both the Eagan and Burnsville markets have a lot of great properties from which to choose.
I hope this information helps.
Sorry you haven't received other opinions on this... normally there's at leat 1/2 dozen local agents that lurk around here... if you need more info feel free to post a followup question and I promise I'll answer it.
Generally you can replace anything cosmetic inside the home without permission/authorization from the association or neighbors so things like flooring, paint, lighting, appliances, cabinets, plumbing fixtures, etc.
In this market the house has to be an absolute deal to "flip" it by fixing it up and reselling it quickly... the average market time makes your carrying costs heavy. Rentals are not always permitted in developments and if they are, there may be a limit imposed, which often has already been reached.
So in summary, most condos and townhomes would have minimal obstacles for renovation/investment, but there's a lot of things that can come into play that vary greatly by development. Talk with some real estate agents and pick one that you feel comfortable with to help you in your efforts.