I've lived in this HOA for 2 years, and have had a generally good relationship with the board members. We are thinking of buying a house and may rent out our present condo. How do you think I should approach the hoa? I don't think they will be very happy with another renter unit.
Do you need rental approval for your HOA? Some do some don't is why I ask.
If so, if you're on good terms with some of the board members start by mentioning it to them and seeing what they say. Then you can at least get a feel for what their "issues" with a rental might be and attempt to mitigate those if possible.
If not then decide if you want to talk to the board about it or not. If you don't they may feel like you slighted, though that's really not their place. If you do they may still feel slighted since you're renting it and they want owner occupants.
Either way if renting it makes the best financial sense for you then do it within the rules they've imposed even if they would prefer that you didn't.
One thing to think about though is that as of right now, if you sell you would realize any equity in the property as a tax free gain since it was your primary residence. Once you start renting it out you'll begin to owe taxes on any gain and the amount of that gain that would be taxed will increase the longer you rent it. So it may make the most financial sense to sell now and take your tax free money and invest elsewhere.
My experience is that some HOAs do not allow rentals, period. But that most HOAs do allow rentals. I don't know any examples of an HOA allowing rentals on a case by case basis. That would be a policy that would invite lawsuits. So I don't understand why you would need to develop a strategy to "approach the HOA".
Agreed, they're allowed by the bylaws, or they're not. There will be a procedure for approving tenants if they're allowed.
Wayne is right. There will be a process and procedures outlined
somewhere in the bylaws for the approval of tenancies owner's propose!
If you have a Manager or Management Co. it is best to consult
there first . Keep to established channels for process, assure
management of your intention to deliver quality applicants .Make
sure you understand the criteria they are going to use for approval,
and recruit applicants accordingly.
Discussing your plans with Board Members informally is NOT a
In this way, you proceed with what you are entitled to-not by
somebody's preferences , "like's" or "dis-like's". Check your
bylaws-consult Management-follow steps outlined- exercise
your rights as an owner-Member. Best for Success!
Can you give me more ideas where the hoa bylaws concerning rentals might be hidden? I can draw no clue from the index, where they have articles for ownership, improvement of common area, architectural control, ect. Otherwise I am resigned to reading through the entire document!
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