Rentals in 84121>Question Details

Chris Johnst…, Home Buyer in Salt Lake City, UT

Does Utah Real Estate law have any specifics with regard to grandfathering when a HOA makes amendments to the By Laws?

Asked by Chris Johnston, Salt Lake City, UT Mon Sep 2, 2013

Specifically I am in a condo that I purchased in 2008 with the intent to rent when the day came that I wanted to move into a house to start a family. There were no rental restrictions at that time. In 2009 the HOA voted in rental restrictions requiring a rental ratio of 20-30%. Now, in 2013 I need to rent my condo to move into a house and start a family and also because the current market prevents me from selling. The HOA has denied my request for permission to rent. Should this new amendment apply to me since I purchased my condo before it was passed?

Thank you for your thoughts!

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One of the main reasons that they would deny you your request is that if the HOA does not maintain the correct ratios of owners occupants to rentals they will not qualify for FHA financing. Without the qualification the values of the complex drop. They are trying to avoid this problem. The HOA can change at any time and you have to abide by the decisions.

Perhaps one of your best options would be to sell in order to purchase your next place. Most values for the real estate market here in Utah are right back to where they started, if not higher. You might be shocked to hear what your place is worth. Also if you can use the advantage of the market right now and the excess of buyers and the lack of homes for sale you might find yourself in a bidding war with offers above your asking price.

If you would like I can send you a report showing you exactly how your home measures up to others in the area and what it would sell for today. This is a free service, just contact me on my profile.
0 votes Thank Flag Link Mon Sep 2, 2013
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