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Your answer depends on several variables, including your governing documents and any amendments or By-laws that address rentals. If they are silent, please consider:
One key issue with rentals in condominium associations is this: Mortgage lenders will not loan money to buyers to buy into the association if more than 50% of the units are rented, based on the current Fred/Fan guidelines.
If the rental number is too high, this means that units can only be sold for cash.
- Another issue is finding viable candidates to volunteer for board membership.
If too many units are rented, owner/occupied units are usually those with residents willing to serve.
- Another is the 'pride of ownership' issue: most tenants have none.
- Finally, because tenants deal with individual owners as landlords and not with the association, many people who cannot pass screening processes -- financial, background, and so forth -- approach individual landlords, and charm them into rental situations.
This puts the entire community at risk.
In your situation, ask a board member or the property manager what the limit -- rental cap -- is for your association, and work with them to rent your unit in ways that will take the association and your co-owners into account.
This is the best way to protect your investment in the unit that you own.
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How many units in woodhaven hills condo in tx?
A local realtor can answer your question.
How many years can a president of a condo association serve?
Read your governing documents to determine the service period for all directors of your association.
How do you calculate the Owner occupancy Ratio in a condo?
Learn how many of the units in a condominum are lived in by their owners, and then divide that number by the total number of units there.
Is the deductible on a condo-owners association insurance policy considered a loss assessment?
It often is considered that and often a person's policy on their personal condo will extend to pay up to $500 of the Association's deductible. Could be less than $500 depending on how much the Association's deductible is and how many COA members there are.
How many condo owners?
In most communities, the majority of residents in condos are owners. There are some rental units, but for the most part the people that own the condo also live in it.
How much should I be paying for condo insurance?
The value of your insurance depends upon the value of your condo. The important thing is that you have enough insurance to replace the condo. If you got the condo for a low price many years ago you can't insure it for that because you'd not be able to get another to replace if it were destroyed. The cost of the insurance on yor condo is based on several factors. In some cases your condo association will dictate the amount of coverage you must have.
Who takes care of the condominium and the grounds?
generally this is going to be your homeowners association within the condo, although it can many times be managed by a professional management company. I personally live in a PUD (Planned Unit Development) community, which is very similar to a condo complex. In my neighborhood, all of our property maintenance and insurance issues are handled through the HOA. If all else fails, you could contact your condo association and ask them. hope this helps!
What happens when a developer has sold 5 units in a 16 unit condo and then defaults?
Best practices dictate that the current owners hire an association-savvy attorney who represents owners, and with that expert, develop a plan to preserve your investments. There are too many variables in your question to offer just one answer here.
How do you get around a rule by the tenants in a condo?
It is not advisable to try to get around rules set by tenants in a condo. It is important to respect and follow the rules and regulations that have been established for the benefit of all residents. Trying to circumvent rules can lead to conflict and potentially legal repercussions. Communication and collaboration are more effective ways to address concerns or issues regarding condo rules.
How many rooms does a condo have?
There is no standard.
What is the average cost to build a condo?
A local realtor or builder can answer your question. It depends on how many units you want to build and what the local economy can support in terms of wages for the crafts people you hire for the project.
What is the structure of the Scout group?
The Scout Association in the UK and many national Scout associations that were formed as branches of the Scout Association use a group structure. All the units within a community belong to the the group and have common leadership. In other organizations such as the Boy Scouts of America, units belong to the chartering organization and are part of the organizations youth program. Units are independent and generally do not common leadership.
