Investors: No, you can’t use the pool!Published: 04 May 2012 - Author: Marcus Burke
It comes as a surprise to some, but under the Florida Condominium Act, when an owner decides to rent out their condo, their rights to use the on-site amenities like the pool, gym, tennis courts etc. pass to the renter.
“Dual use” as it is referred to, is generally prohibited by the governing documents, meaning that owners who have tenants living in their homes can actually be prevented from using their own facilities.
Unfair? Not really. The amenities are developed for use by only a certain number of persons and in communities where most of the units are owned by investors who rent out their condos, that use could effectively be doubled, putting enormous pressure on the infrastructure. Just as you can’t live in your home once it’s rented, nor can you use the pool. Fortunately, in most cases, this never becomes an issue as most condo investors live out of state – or out of the country.
For more information on acquiring MetroWest investment condos, contact us here at Condo Metropolis on 407-901-5161. We look after the entire life cycle of your investment, meaning as your Realtor we will help you purchase a property, as your property manager we will find a renter for you and manage the unit, and finally, when you are ready to exit from your investment, we become your Realtor once more, listing and sell the unit for you!