Home Buying in Ashburn>Question Details

Kim, Home Buyer in Ashburn, VA

Residential property use as rental

Asked by Kim, Ashburn, VA Fri Apr 5, 2013

Hello,
Hope someone can help me answer my question.
My situation is that I want to buy a rental property and I found the community that I like but the realtor told me that they only have residential property left. How do they know if I rent it out after I purchase it? Do they require me to sign the agreement?

Thank you in advance.
Kim

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Answers

4
I have worked with a customer who wanted to do something similar and we had to jump through a lot of hoops and couldn't win against the HOA. My suggestion is make sure to read the HOA document and you will know. Unfortunately, you can't always fight "City Hall".

Good Luck!

Beth Seifart
Keller Williams Realty - Leesburg, VA
0 votes Thank Flag Link Thu Aug 1, 2013
Hi Kim - If the community has rental restrictions in their HOA document,then you will need to abide by them. Also, certain loan programs require that the property is owner-occupied. Please contact me directly should you have any other questions or if you would like to further discuss your situation.
All the best,
Ro.

Rowena Helgesen
E) realtor-ro@comcast.net
D) 703-589-8498
0 votes Thank Flag Link Mon Jul 1, 2013
Kim please ask your Realtor® or an attorney to explain the possible consequences of violation any rental restrictions in a community. To many rentals in a community can have significant consequences on future buyers due to financing restrictions.
0 votes Thank Flag Link Sat Apr 6, 2013
Not being a fan of HOAs; this easy for me:
Communities with HOAs are not good prospects for Rental property.
They often have restrictions on the number of Rentals, if any, allowed.
You cannot have sufficient control over your Renters with regard to following the HOAs rules and regulations; such as parking, maintenance and parties.
You cannot rely on the HOA to maintain set fees; they have a habit of raising fees, just when you think you have gotten into the "black" on expenses.
The Condo/Townhouse will be more difficult to sell, should you decide to, do to a tenant and the HOA.

Think in terms of a SFR. Listen to your Realtor.
0 votes Thank Flag Link Fri Apr 5, 2013
Thanks.
Flag Fri Apr 5, 2013
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