[jimkerr]

Why don’t you call a villages sales agent and ask them? You’d have your answer in a second.

[DAVES]

Originally Posted by Bogie Shooter

Doubt if you would get a straight answer to #3 on here. How can anyone know what the Developer is thinking?

It does not matter what the developer is thinking. In real estate it must be in writing.
Is renting legal? It is in the contract you signed or are considering signing. It is not the same in every village. Future building? I would expect you can find people at the villages office who can answer that for you as well. That would be current thought again it only matters if it is in writing.

I have no relationship to the builder. This is a planned community. For better or worse, it is take it or leave it.

[DAVES]

Originally Posted by jimkerr

Why don’t you call a villages sales agent and ask them? You’d have your answer in a second.

I've suggested the villages offices. A villages sales agent is a sales person. Again what matters in real estate is only what is in writing.

[Watchdr@yahoo.com]

I was told by our realtor when we bought, that The Villages now requires you cannot purchase a home for rental purposes. Which I think could be good due to the permanent residents having a different neighbor every month can be discouraging. I also agree that the owner does not care as much about the property as one that is lived in. I also think that being said, The Villages should have more neighborhoods for the LifeStyle Plan so people can come here to visit and see if they are going to like TV or not. We just purchased in The Village of Hawkins and I see brand new homes that are just completed in the last month with rental signs in the windows. Not sure why some are allowed and some are not.

[Rodneysblue]

Originally Posted by Laker14

On another thread a poster mentioned that when he/she bought a new property from the developer in one of the newer sections, they had to sign a contract that explained that the property could not be rented out.

I didn't want to hijack that thread with questions, so here goes.

1. Is that accurate?

2. When did they start that practice?

3. What would the developer's likely motivations be for such a covenant? Wouldn't it make the market for their homes more desirable if folks wanting to buy as an investment were also able to buy the new homes?

I'm not understanding this at all.

Why not contact The Villages directly, they would have the best and most current information.

[Slk9786]

Before we purchased a home here in the Villages we rented three different villas. I disagree with comments about renters bringing property values down due to disrespecting the homes.
It was apparent to us that it was the owners not taking care of the upkeep required.

[mydavid]

Originally Posted by mulligan

That's the way it should have been in all the homes right from the beginning. Allowing rentals always creates some problems. Between absentee landlords, and tenants who are not invested in the community, issues abound.

Many people who are not ready to retire might want to buy-in now and rent out until their ready to make the move. One home in our neighborhood was perched over 10 years ago always up for rent, never a problem.

[Two Bills]

Originally Posted by KaySpruill

An option that may be worth considering is to charge an amenity fee for renters. $500 a month to have access to all the activities and use the golf cart trails. In other words, your amenity fees only apply to the owners. This would mean that people who are serious about potentially buying and those who are serious about long-term rentals would actually contribute to the maintenance and upkeep of our community. Renters should also be limited on use of guest passes. At any given time particularly during season we are at capacity and many bring multiple guest
down which also impacts availabilities of activities and wear and tear on the community

Sounds like a case of 'Now I am here, shut the shop!'
Welcome to TOTV.

[petsetc]

Originally Posted by petsetc

It would be very helpful (and maybe solve this issue) if someone who has recently closed could post a picture or .pdf of the covenant/addendum where the are not allowed to rent.

Again, at the risk of repeating myself, if you signed such an addendum, please post it (cleansed of any identifiers of course!)

[JMintzer]

Originally Posted by ckcapaul

If you have a mortgage there is a restriction that it will be your residence and not bought for the purpose of a rental. Unless you go with a commercial mortgage.

DING, DING, DING!

Winner, Winner, Chicken Dinner!!!

Yes, it's a Mortgage restriction...

[leeannske]

Originally Posted by Laker14

On another thread a poster mentioned that when he/she bought a new property from the developer in one of the newer sections, they had to sign a contract that explained that the property could not be rented out.

I didn't want to hijack that thread with questions, so here goes.

1. Is that accurate?

2. When did they start that practice?

3. What would the developer's likely motivations be for such a covenant? Wouldn't it make the market for their homes more desirable if folks wanting to buy as an investment were also able to buy the new homes?

I'm not understanding this at all.

I live in Section 12 in Fenney. We are not allowed to lease or rent our houses. This has been since we moved in in 2018, so this really isn't a new thing.

[justjim]

I think most of us would “vote” for a deed restriction for a minimum of 3 months on a rental. Of course, there is no such thing as a “vote” as the deed restrictions are a Developers prerogative. Fore!

[DALEPQ]

I really wonder why there are some really "Snarky" comments that seem to indicate
that if you are a renter you are really bad.
We have a property that we are renting long term to a retired lady that treats it as if it is her
own home. She just wants to pay a fixed amount, thus, not having to deal with ownership.
She does not create any problems at all, that we are aware of.
So how about keeping this "The Land of The Free"!!

[CoachKandSportsguy]

Bought our house with a commercial mortgage. the rate is higher, and not allowed to live there. Converted to an LLC and rent it out in Marsh Bend. We visit every 6 months to clean, maintain it. Managed by a local PM. . have not been profitable for two years due to rental cancellations in high season, travel and covid restrictions, but did well on two several month rentals while waiting for their houses to be completed.

Just got out first full winter season rental for next year, 2023, Jan - Apr. . but that will still not break even with the PM fee, even with no mortgage unless there is a rental waiting for a house being built. . .

When we were deciding, the TV rental company said that the estimated annual rental on a seasonal is between $10K and $20K, which so far has been accurate. So being interested in rental property is great, but if you don't do your breakeven financial analysis with your marketing strategy, you might only cover your expenses, and be buying high while waiting for an optimal exit price.

Each property is unique, so YMMV

[defrey12]

Originally Posted by Laker14

I can understand why an established resident would not want rental properties on their street, what I am trying to understand is why the developer would be motivated to exclude those interested in buying their product as an investment property from the equation.

Because the DEVELOPER is making SURE the former CANNOT occur for a period of one year. Rentals ALWAYS lower property values for myriad reasons. We are GLAD the developer did this. We’ve owned many a rental unit and we’ve had some very good tenants who are/were nice people. Would I want to live next door to any of them? Not on your life! Trust us. You do NOT want a bunch of investors in TV. We know these guys and many (most) don’t give two s”*ts about about the neighbors.You WANT owners next door, not renters.