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If you are looking to buy property for its income potential from renters or you just prefer to rent out an older home while you wait for home prices to rise in your area, you should take a good look at the covenants in place in your area.  More and more, home owners associations are restricting the right of homeowners to rent out their homes.  The increased frequency of these rules against renting a home have come about due to a common belief that renters are transient, neglectful, or unwilling to maintain the property that they live in.  While the rules may seem unfair to some, they are often put in place out of a sense that the neighborhood must protect homeowners from lower property values that can come with a home in the area that is in disrepair.

 

This new aversion to renters is increasing in popularity all over the nation, so it’s a very good idea to research the rules before purchasing a property for rental income.  The trend also includes municipalities that try to capitalize on the high number of renters but requiring new fees and permits from property managers.  If the neighborhood that you are looking at is fairly new, there’s more than a good chance that there is some kind of restriction on renting your property out.

 

While this may be a catch-22 situation for homeowners who want to rent out their homes while it’s on the market and avoid foreclosure, there are no signs that the current trend is slowing down.  While many Emerald Coast condominiums are still open to renters and vacationers, there are usually certain rules in place, and a few restrict rental activity as well.  Take a good hard look at your neighborhood and condominium association rules before purchasing with the intent to rent a property when you aren’t using it to avoid an unwelcome surprise if your association doesn’t allow it.

Condos For Everyone, 701 Benning Drive Destin, FL 32541, Call:(850) 460-3235.