Condo Association is changing your rules! Now what?

So you own a condo and they’re about to change the rules on you. Do you own a condo now with no rules in place? How does it work? Let’s go find out. Stay with me for the next 2 to 3 minutes and I will show you the exact answers and lay out a path for you to as a 90% of your questions when it comes time that the condo association is changing their rules. Hi. I’m Janine Sasso, local real estate professional and somber. How close is bearing down and the surrounding suburbs? Many associations are changing their rental rules due to newer companies like Airbnb or VR, BO that are operating currently in sort of a gray zone because they are doing nightly or weekly rentals that are not regulated by many associations. So in an effort to adapt, many androids are adapting their roles. But what does it mean for you, association one to limit the amount of renters that are actually occupying a complex? One of our two largest lending institutes are wanting to make sure that their money is in good hands and therefore they are preferring owner occupied properties.

Now, if you have a higher increase in renters, your potential buyer might not qualify for one of those bad loans. So with that, your buyer pool becomes smaller and smaller associations are trying to navigate that by putting a limit into place. Association like to keep the unit owner occupied in the belief that owners are actually taking better care of the units than renters. What do you think? Do you think that’s true? Do you think that renters do not care about the unit? Let me know in the comments below. I would love to hear your thoughts on this. So what if you’re owning in a building where they’re about to change the rules? Well, you have two options. Most often you are grandfathered in with the old set of rules. As long as you are owning the unit, once the units sold itself and transferred, the new rules will apply to the new unit owner.

Now there is a second scenario that can come to fruition, which is a little bit more tricky. The second scenario says the association will make everybody adhere to the new rules. And like I said, sometimes this can lead to great obstacles for many people. And it’s the least traveled road when it comes to this. Do you own a condo and have experienced association changes? Have they changed the rule for you? Did it affect you? Do you think you came out for the better? Let me know in the comments below. I would love to hear your input on this subject. My name is Janine Sasso. I’m your local Schaumburg, Hoffman Estates and Barrington Realtor serving the northwest suburbs of Chicago. And I cannot wait to see you in the next video. Do not miss it. Please make sure you subscribe and ring the bell. And if you have any other questions, please send them in. I always love to get questions from my audience to make sure I address the things that matter most to you.

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