Income properties are a popular form of investment in Naples. Owning a rental property can provide you with a reliable stream of additional funds, yet many may tell you that issues are bound to arise if you try to rent a property subject to a homeowners association.
Many clients have come to us here at the Adamczyk Law Firm, PLLC questioning whether an HOA can actually restrict their ability to rent a property. If you share the same question, then knowing the answer will almost certainly impact where you choose to buy.
Imposing rental limits
According to the website FloridaRealtors.org, a condominium owners association can impose rental restrictions. Not only can it prohibit the rental of properties, it can also impose special rental limits (such as restricting rental terms or only allowing you to rent out your unit a certain number of times during a given period). However, if these restrictions were not included in the association’s original bylaws (and were instead later added as amendments), then they may not apply to you if you already owned your property before the amendments took effect.
Traditional HOAs are usually limited in their powers to enforce rental restrictions to putting a cap on the number of properties made available as rentals in a community.
Dealing with tenants of foreclosed properties
What if you purchase a foreclosed property that still has tenants in it. You can choose to continue with their current lease agreements, or you can require that they negotiate a new lease agreement with you. The law does not require that you honor their current agreements, so you can also choose to evict them from the property, as well.
You can discover more information about owning a rental property in an HOA by continuing to browse through our site.