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Condo Complex Rental Policies
I have been receiving calls lately from outraged clients who ask me repeatedly, “ Can they do that?”. Their outrage was sparked by a growing trend of condominium buildings considering removing owners' right to rent their property. Obviously this is a heated subject with valid points on both sides.
More and more frequently, a majority of condo owners in certain buildings prefer not to rent out their units. Some are living there full time, and others simply do not wish to have the hassle of the damage, noise, and amenity shortages caused by short term tenants. Moreover, their neighbor's unit may fill up with a dozen loud renters who leave clutter in the hall, dog doo on the lawn, and take more thatn their allotted parking spaces. Short term renters often cause added expenses as well. More guests in the pool, more trash in the bin, and the need for more security all add up. Non-rental owners often feel they shouldn’t have to shoulder the burden while owners of rental units reap the profits.
Rental owners usually buy in buildings that have a long standing history of allowing rentals. This right is built into the Condo Declaration Documents they were provided with, and they consider their unit to be an investment. If the property were to go non-rental, the owner would not only lose their rental income, but may face a loss in property value or the ability to sell their property if the market is flooded with non-rental units.
To answer the question, “Can they do that?”, the answer is, "Yes". A Home Owners Association (HOA) is generally a democracy, and if the bylaws allow for a majority vote on the subject, then a majority of those in favor of non-rental policy can outlaw rentals. Often a change in the basic bylaws must first be voted upon. Other times, the HOA simply votes against short term rentals, but still allows long term tenants. I have also seen HOA’s put up financial barriers to rentals by charging an additional fee per guest. Other buildings remove the right to rent during the busiest and most profitable times like 4th of July weekend or Spring Break.
So what is an investor to do? For those in a building considering a vote of non-rental, ask the HOA to grant rental owners time to honor their rental commitments and to sell their units without flooding the market. By allowing a year to five years to make the change, the property values in the building will not be adversely affected. Then seek out buildings with more than 50% in the rental market or buildings with on-site rental offices. Buyers can also request copies of HOA meeting minutes to see if a non-rental policy has been considered. However, we are not always successful in retrieving these documents.
The buyers of the last few years have predominantly been investors. That real estate trend is now fading somewhat. Experts speculate that the second home market and the soon-retiring baby boomers will be our next wave of coastal buyers. That means that present owners and future owners may have very different ideas and expectations.
Wendy Hauschildt is responsible for marketing and design for Coastal Properties GMAC Real Estate and is also a contributing columnist for the Island Breeze newspaper on South Padre Island.
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Wendy Hauschildt is a licensed Texas Real Estate agent and columnist for South Padre Island's newspaper.
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| Home Buyer Must Haves – Today
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Number of Views: 12274
These days, buildings are trendy, kitchens are seriously trendy, baths can be elevated to high fashion, and ceilings are certainly cutting edge.
New buyers are demanding that their properties meet high design standards. And it is surprising where the décor fashions are popping up.
The first buyer must have – Ceilings
Popcorn ceilings are now the pinnacle of bad ceiling style. Smooth is in and acoustic popcorn spray is seriously out. This is odd as the new ceiling height expectations make popcorn texture barely visible. 9 – 11 foot ceilings are now the desirable norm. In addition, architecturally accented ceilings are favorable. Add a tray design, raised panel for lighting, or barrel ceiling for maximum trendiness.
The second buyer must have – Lighting
Florescent lights are officially a bad idea. Preferred lighting includes pendant lights, track lighting, and recessed lighting. Additional accent lights are a big deal as well. Buyers like to see under the counter halogens, over the cabinet lighting, or even lit glass cabinets. To combine trends, include accent lighting in your raised tray ceiling design. Bathroom lighting has grown up, too. A row of round vanity bulbs on a mirrored fixture won't meet with buyer enthusiasm. Look for stylized fixtures often flanking the mirror.
The third buyer must have – Bathrooms
A traditional vanity with faux marble top has been met with disdain in recent seasons. Tile top or granite has been better received. Bathroom sinks have changed, too. The pinnacle of trendiness are raised bowl sinks with faucets mounted in the wall above. They may be glass, porcelain, stone, or even wood. They are almost too pretty to spit toothpaste in. Fiberglass shower surrounds are out as well. Buyers prefer a tile or granite surround. Open showers without doors are a unique new trend. Of course, these must be cleverly designed to prevent flooding.
The fourth buyer must have – Flooring
On South Padre Island we don’t see a lot of carpet anymore. Living areas are definitely covered in a hard flooring. Tile, marble, travertine, bamboo, or hardwood are acceptable. Tile sizes have changed, too. Traditional 12 inch tiles are a thing of the past. Now 14 – 24 inch tiles have become the favorite. Colors are fairly neutral, but quality is a big consideration.
The fifth buyer must have – Architectural Elements
New builders have been getting creative. Otherwise vacant walls are now sporting elegant niches. Some may be deep enough for shelves, others are shallow lit spaces designed for displaying art. Door frames that used to be square are now soaring arches. Cathedral ceilings may make room for high sculpture storage, and accent windows are appearing everywhere.
Feeling less than trendy? These kind of specific changes may not be a remodel option for older, low ceiling properties with Hollywood baths and nicheless walls. But don’t be alarmed. Someday smooth ceilings will be sprayed with popcorn again, and owners of high ceilinged homes will be wondering why their electric bills are so high. These trends too shall pass.
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 Our Real Estate Advisor magazine is full of articles, real estate trends, and advice. Plus, it includes all the best listings for South Padre, Port Isabel, Laguna Vista, and the SPI Golf Course. Contact us to have a copy of the magazine mailed to you or click here to download a .pdf version.
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