Agent

Best condos restrict rentals

Is such a rule legal?

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DEAR BOB: My wife and I are interested in buying a condominium for investment purposes. But the condo homeowner association tells us we cannot rent it to tenants and must keep it vacant or live in it. Can they legally impose this restriction on us? --Joe M. DEAR JOE: Yes. When you buy a condominium or any property subject to homeowner association CC&Rs (covenants, conditions and restrictions), you agree to abide by them, plus the condo association bylaws and rules. Purchase Bob Bruss reports online. The best condo complexes have restrictions or complete prohibitions against rentals. When you see a run-down condo complex, chances are it has a high percentage of renters who don't care about proper maintenance of the condo common areas. When the percent of condo renters exceeds 20 percent to 30 percent, most mortgage lenders either refuse to make new loans there or charge above-market interest rates because of the increased risk of foreclosure. When there are many absentee condo own...