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It really depends on your Homeowners Association. When I had my condo, the rules were that the ratio be 80/20, that is 80% owner and 20% rentals. And if you rented without going through the HOA, you were fined for the length of time the unit was rented out.
Definitely check the HOA bylaws prior to purchasing, because they just might have some other rules that might not be for you.
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The New York Times had a related story about a condo owner facing a large sublet fee.... here's the answer to that question which is obviously related:
Tags: condos, condo, realestate, landlord, fees
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M$1
May 15, 2009 10:44 PM
If I buy a Condo in Los Angeles, CA can I lease it out to someone? Are there any restrictions to doing this?
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| May 16, 2009 02:40 AM |
Definitely check the HOA bylaws prior to purchasing, because they just might have some other rules that might not be for you.
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May 16, 2009 12:11 AM
This depends on your agreement with the building. The New York Times had a related story about a condo owner facing a large sublet fee.... here's the answer to that question which is obviously related:
- NYTIMES: “The rights and obligations of the owners with regard to the condominium’s sublease requirements are guided by the building’s house rules and rental policy,” said Lior Aldad, a Manhattan real estate lawyer.
If a sublet fee is permitted by the condo’s governing documents, and the fee has been properly imposed by the board of managers on all owners on an equal basis, the fee is probably allowable, he said. In fact, Mr. Aldad said, the fee is probably being imposed for the best interests of all owners as a means of raising revenue for the condo.
At the same time, he said, there is nothing stopping the writer from passing the fee through to the tenant when the lease is being renewed.
Tags: condos, condo, realestate, landlord, fees
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"It all depends on the CC&Rs. They have a right to control anything that goes on within the project as long as it is not discriminatory against the protected classes. Have your attorney review the CC&Rs for you."