Are There HOA Rental Restrictions in Florida?
Condo owners may have to be away from their homes, for several months, either on business, vacation, or only meeting and spending more time with their extended families. Therefore, since they are likely to stay for a few months, they may opt to rent out the condo and make extra money while they are away. Renting out the condo is not an issue if the owners communicate the idea with the HOA board before putting on the advert. When purchasing the property, the owners are issued regulations and rules for the HOA Rental Restrictions in Florida. The HOA rental restriction is included in the regulations, and Florida is not an exception.
Florida HOA Rules and Other Regulations Pertaining to Condos
The homeowner’s association in Florida has the authority to set restrictions about renting or leasing homes within their communities. The limit by the homeowner’s association can include a limit on the number of units within the development that can be rented out, and it can also ban leasing or have time limits. Here are some of the common HOA restrictions within communities in Florida;
Florida communities restrict the number of times the unit owner can rent the unit in one year; in most cases, it is once or twice in one year. The restrictions help keep the homeowners regular within the community to help create a sense of belonging for all embers.
A restriction on the rental period or lease, the period is mostly 60 days. The restriction on the rental period helps regulate how often the community has new members. Since you do not want a community where there are new tenants, when the new tenants are too regular, the homeowners may want to sell or leave the neighborhood.
A restriction on the number of units per development to be rented. If one owner wants to rent his unit, and the development had already reached its limit, the owner will be put on a waiting list until one of the owners stops renting his property.
A restriction on time, the owner must occupy the unit until they can start renting it. This means that it might be hard for new owners to rent out their units. This helps in growing the community such that the new homeowners have enough time to interact with the neighbors and get comfortable within the community before renting it out.
Understanding Florida HOA Rental Restrictions
The recent flap between the Florida Department of Financial Services and the Florida Association of Realtors over Florida HOA rental restrictions has made property owners in Florida nervous. But, what exactly are these restrictions? What can you do about them?
This is one of the many benefits of having a condo association website. All of the documentation is readily available online.
These restrictions apply to short-term leases for residential lots, duplexes, mobile homes, manufactured homes, vacation homes etc. If you rent one of these types of properties, you are subject to the rules and regulations laid out by FIS. The main thing to understand is that you may not be able to lease a property under your current ownership for 90 days if you are renting it. In addition to that, if you want to rent any other type of property that falls under these restrictions, you will be required to apply for a FIS license first.
Now, before you cringe at this news and request a divorce from your significant other, take a deep breath and try to remain calm. We are only reiterating the fact that you will have to get licensed in order to rent any commercial or residential property in Florida under the new laws. Once you get the license, you will be able to rent any property that you like as long as you abide by all the terms and conditions laid out by FIS. There are no exceptions. Now if you really want to own your own property and be a landlord, then you will have to seek out an attorney who is willing to help you achieve your dream.
Restrictions Are For The Communities Good
The HOA restrictions are for the community’s good, and the HOA board cannot change the limits randomly without consulting the homeowners. To inform the homeowners, the association should schedule a public meeting and engage the owners.
Another important thing to note is that the HOAs only allow you to rent the property for a fixed period and there are some ground rules that you must follow. One thing you must remember is that the landlord cannot demand that you change the existing lease agreement. Any alteration that you make must be in accordance with the provisions of the contract that was initially agreed upon. If your landlord does so, he can be legally sued by you.
If you happen to go through the contract carefully, you may find out that there are various provisions that are invalid. For instance, in some cases, there are provisions that mention that the landlord is allowed to sell off the property to recover back his money. However, this is not mentioned in the lease agreement. As a result, it is up to you as the tenant to figure out if you agree to this or not. Your best bet would be to talk to a real estate lawyer so that you can have a clear picture of the consequences if you go through the rental provisions.
Avoid Misunderstandings by Knowing the Guidelines
The HOA association is also not allowed by the law to set restrictions that infringe on the owners’ rights. Besides, the rules must work for the good of the community.
The property owners may not always agree with the restrictions, causing conflict between them and the HOA management.
Next time you are purchasing a condo in Florida, you might want to ask for the HOA restrictions before setting foot in the unit or buying the property. This way, you will know what the HOA management expects of you and what limits you should observe while still a homeowner in the community.