Rental restrictions on Boston condos
Make sure you’re aware of Boston rental restrictions on that Beacon Hill condo you’re thinking of buying—especially if your future plans involve being able to rent it out as a Beacon Hill apartment and keep the property for investment purposes.
Boston Condo Rental Restrictions
Most Boston condo buyers, especially first -time condos buyers fail to ask can they rent out their unit if so desired. You must remember, circumstances could change and require you to move, but you’d like to keep that Boston condo for the long term and rent it out for a while.
It’s important to be fully aware of potential rental restrictions in th Boston Condo Docs—the main document that homeowners associations (HOAs) use that states how the Boston condo association will be run.
Standard rental restriction for a condo building
The standard rental restriction for many Beacon Hill condo building is that a Boston condo owner are not permitted to rent their unit on a short-term basis. This means fewer than 30 days at a shot. However, I’ve seen a variety of other restrictions, with the biggest one being that only a certain percentage of units can be rented at a given time. In that case, an HOA maintains a waiting list for which any other owners need to sign up if they want to rent their unit.
Boston condo rental rules
Another restriction I recently came across in a well-established Boston condo complex is one that requires new owners to live in their purchased unit for a certain number of years before they can rent it out. (Some new condo developments also carry that restriction.)
Boston condo associations
Boston condo association’s generally have these sorts of restrictions in place to benefit homeowners and their property values. For example, a condo building with a high percentage of rentals limits the type of loan incoming buyers can get. This cuts down the buyer pool, and limits who can purchase a unit.
Boston condos for sale and the bottom line
Make sure you carefully review the CC&R use restrictions before you commit to your condo purchase. Relying on a future ability to rent out your unit and suddenly discovering after escrow closes that you might have to be on a years-long waiting list to do so is not the surprise you need.
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Make sure you’re aware of rental restrictions on that Boston condo you’re thinking of buying—especially if your future plans involve being able to rent it out and keep the property for investment purposes.
Most Boston condo buyers would like to know if they’re able to rent out their condo if so desired. Circumstances could change and require you to move, but you’d like to keep that Boston condo for the long term and rent it out for a while. On the other hand, some individual Boston condo buyers may want to ensure that their living in a quite and owner occupied building only.
It’s important to be fully aware of potential rental restrictions in the condominium doc’s—the main document that homeowners associations uses which states how the condo building will be run.
Recently, because of the recent uptick for short term rentals (Air BnB). The standard rental restriction for some Boston condo buildings is that condo owners are not permitted to rent their unit on a short-term basis. In most cases this means fewer than 30 days per stay for a tenant. However, I’ve seen a variety of other restrictions, with the biggest one being that only a certain percentage of units can be rented in the building at a given time.
Another restriction I recently came across in a well-established luxury condo complex is one that requires new owners to live in their purchased condominium for a certain number of years before they can rent it out. This is coming common with new high-rise condo developments to curtail property investors from taking over the building and or the condo association.
Another thing to be aware of, condo buildings with a high percentage of rentals may limit the type of loan you can obtain now and for future incoming buyers for your unit. This can cut down on the buyer pool, and limits who can purchase a condominium in the building now in the future when you may want to sell.
Bottom line, make sure you carefully review the condo docs before you commit to your Boston condo purchase.
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Updated: 1st Q 2018
