Are You Allowed To Rent Your Fort Lauderdale Real Estate Home Or Condo?
July 23, 2008
There are a number of deals to be had in the Fort Lauderdale real estate market. Whether you are a first time investment buyer, or a seasoned professional, there are a number of criteria you will look at before you decide to purchase. The most important criteria, and the simplest question, is “Can the property actually be rented?”.
Due to the massive amounts of bank owned properties entering the Fort Lauderdale real estate market, many investors are looking for deals that they can purchase. Every investor has certain criteria they want in their investment properties. Unless you are going to hold the property as a vacation/second home or want to try to rehab the property and sell it quickly, the most important factor in deciding on an investment property should be that it is ABLE to be rented.
Many people think that when they purchase their investment property that they can do what they want with it. That is true to a certain extent. If you purchase a property located within a Condo or Homeowners Association, you agree to abide by the bylaws within that association. Investors are finding out that one of those bylaws is that the property cannot be rented, or cannot be rent until a certain amount of days or months after the purchase.
The reason some associations, particularly condos, do not allow rentals is because they feel the renters do not care for the property as an owner would, and renters are sometimes not screened well by the investor owners. The banning of renters was challenged in court by investor owners. After a rather long legal battle and a couple of decisions, it stands now that if you purchase a property in an association that does not allow rentals, you cannot rent. However, if at the time of purchase the association allows rentals, and then changes their rules, you may still rent if you were an owner before the rules took effect.
This poses a particular problem to sellers trying to sell properties in rental banned complexes and buildings. Many associations are being petitioned to temporarily allow renters until the Fort Lauderdale real estate market picks up again. Those request are often falling on deaf ears and we have not heard of one complex yet that has overturned the rules.
The bottom line is to make SURE that you and your Fort Lauderdale real estate agent know what questions to ask and check the documentation. A couple of cursory questions and a reading of select documents can mean the difference between a deal or a nightmare.
Here some other posts you may find interesting...
Fort Lauderdale Real Estate
Fort Lauderdale Homes And Condos For Sale
If you are interested in learning more about buying a home or condo in Fort Lauderdale or anywhere in South Florida; or if you need any information about the Fort Lauderdale real estate market, please feel free to contact me and it would be my pleasure to assist you.You can contact me at the number shown below or please feel free to contact me by the form below and I, or one of my assistants, will be sure to get right back to you within a few hours, if not sooner.
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Robin Sing-Cunningham
robins@robinashley.com
Access USA Realty
Local Fort Lauderdale | South Florida : 954-709-7461
My Assistants:
Barry Johnson: bjohnson@robinashley.com
