Dear Monica: The Homeowners Association where I own a condo is proposing a change to the rules that would restrict the ability to rent one’s unit. Is this a good idea? Mary C.
Dear Mary: As a real estate broker, I have seen many times where any restriction on the use of one’s property diminishes its value. It is a sweeping change affecting everyone. Would exceptions be allowed? If you have to move for a job or other life reason but want to hold on to a property for economic, tax or other reasons, would this be allowed?
You should also look at the demographic in the complex. If most present owners are older, how would a new and younger buyer look at this restriction? Likely not well. The number of people who will want to buy a property with this restriction is much smaller than without the restriction.