Most Beacon Hill condo buyers like to know that they’ll be able to rent out their unit if so desired. Circumstances could change and require you to move, but you’d like to keep that condo for the long term and rent it out for a while.
It’s important to be fully aware of potential rental restrictions in the Covenants, Conditions, and Restrictions (CC&Rs)—the main document that condo associations use that states how the Beacon Hill building will be run.
The standard rental restriction for a Beacon Hill condo building is that homeowners are not permitted to rent their unit on a short-term basis. This means fewer than 30 days at a shot. However, I’ve seen a variety of other restrictions, with the biggest one being that only a certain percentage of units can be rented at a given time.
Another restriction I recently came across in a well-established high rise condo complex is one that requires new owners to live in their purchased unit for a certain number of years before they can rent it out. (Some new condo developments also carry that restriction.)
Condo associations generally have these sorts of restrictions in place to benefit homeowners and their property values.
Make sure you carefully review the CC&R use restrictions before you commit to your Boston condo purchase. Relying on a future ability to rent out your unit and suddenly discovering after escrow closes that you might have to be on a year-long waiting list to do so is not the surprise you need.