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Restrictions on Renting a Property

Dear Monica: I have been looking to buy a condo or townhouse but have not been able to find an affordable place in this market. However this week I have seen a good place in my price range but the condo rules don’t allow an owner to lease the property. I am in my 30s and have a good job but it is possible I could be transferred and if so, I would have to sell the condo because of this restriction. What should I do? Amy C.
 
Dear Amy: I think the rental restriction makes this property a bad choice for you. Some condo homeowner associations have rules that don’t allow owners to lease their properties and it affects their desirability. You may not intend to lease the property but circumstances change and you may have to move. If you can’t rent the property your only good option is to sell it. The market might not be good but you would be forced to sell then or carry the cost of the property until you do. It’s too bad you can’t go ahead and buy this condo but I would advise you to keep looking.

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