Its easy to get excited about the perfect condo when searching for a home, but condos have many moving parts. One of the most important, and often overlooked issues, are the HOA rules and regulations, particularly as they relate to pets and non-owner occupied units.
Some communities restrict all pets, others allow only cats, and some have weight or breed restrictions for dogs. The Puget Sound region is rated as one of the top in dog ownership in the country – don’t fall in love with a condo only to discover your family pet isn’t welcome. Pet restrictions can (and do) have an impact on resale – buyers may eliminate communities that won’t permit them to bring four legged family members.
Rental restrictions need to be disclosed and understood up front as well. If purchasing a condo as an investment, or if you hope to rent down the road, research and understand community rental restrictions or limitations on use. Sellers should disclose rental or use restrictions at the time a property is listed for sale to avoid buyer misunderstandings, delays in closing or a failed transaction.
Condos have many moving parts. Work with an industry expert who knows the local market and is familiar with the rules and regulations that apply to ownership in specific communities. A condo expert can help you find the right condo and community for your lifestyle and investment goals and guide you through the issues specific to condominiums and HOAs.