I live in Denver, Colorado. My husband and I own a condo that has depreciated in value nearly 30% since we purchased it 5 years ago. That said, we would not be able to sell it today without coming to the table with tens of thousands of dollars just to get out from under. However, we are ready to start a family and need a bigger place. We considered renting out the condo for a few years until we could sell it, but we were told by the HOA that the 25% rental restriction has been reached (only 25% of the units are allowed to be rentals, per the HOA declarations). My question is, what would be the implications if we violated the HOA covenant and rented out our condo anyway, despite being over the maximum restriction? Just how powerful are HOAs? Are we looking at fines? Having to kick out the renters? Thanks for your answers.
2007-10-23
06:22:45
·
8 answers
·
asked by
slovesn
1
in
Renting & Real Estate