Dear Monica: I own property that has a Homeowners Association (HOA) and we are being asked to vote on imposing a restriction on an owner’s ability to rent their unit. What is your opinion? David G.
Dear David: Some HOAs prohibit owners from renting their units and this causes a number of issues. For example, if an owner doesn’'t want to sell but is transferred to another part of the country or they are in a nursing home, they can’t rent their unit and thus they suffer financial consequences because of this. When an owner does want to sell, there are fewer buyers who will consider buying there because they can’t rent it if needed, which affects the value of the property.
Some HOAs like to restrict rentals but the value of these properties is often less because of this.