Rental Restricted Communities, Yay or Nay?
When you purchase a home in a Home Owner's Association with Covenants, Conditions and Restrictions (CC&R's), the expectation is complete compliance. I was asked, "When considering a home to purchase, is a rental restricted community the way to go?"
It depends on the intended and full use of the home plus expectations to be consistently met by the owner.
In some such communities, there are no rentals. The only exception is a few existing homes that are grandfathered in, with original home owners in place. Once the property exchanges ownership however, the rental advantage goes away forever. This is pretty much set in stone.
The catalyst behind such a rule is that renters do not take care of a property as an owner would, it keeps property values up, everything in it's place, etc. On the flip side, when life changes occur, such as loss of employment, illness, divorce, an owner is unable to lease the home and may create a hardship.
Rental restricted communities? You say Yay or you say Nay?
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