Home prices in Revere, Lynn and surrounding areas just keep rising, making it a great time to be a party on the selling end of a real estate transaction. For buyers alike, however, now may be the challenging but the best time to move on a home, as the real estate price surge isn’t expected to stop anytime soon.
Condo associations have a number of duties to those who live near or on the properties it maintains. From ensuring that buildings are cared for in an adequate manner to guaranteeing that any unreasonable hazards on grounds have been removed, when condo associations breach the duty they owe, they could be held liable should harm to others occur. This legal theory has, for the most part, encouraged condo associations to assume responsibility for maintaining properties. But should this always be the case? How should condo associations deal with sidewalks, which are often public, not private, property?
In the past half decade, the relationship between those who own property (particularly property in cities that are popular for tourists) and those who want to travel has changed drastically. While travelers used to be restricted to hotels or hostels to meet their housing needs while away from home, the advent of short-term housing sites offering stays from one night to a month or more, like AirBNB, has revolutionized how to both travel and make money. But while AirBnB and similar sites may be great for vacationers and the property owners who make money by renting their homes, there are numerous downsides of short-term rentals for condo associations and the community at large.
One of the perks of owning property, especially a condo, is that owners may be able to rent out their condo out as a source of income. As such, condos are often a popular source of investment, as condo owners are usually free to rent out their properties to whomever they’d like, and at whatever rent they set, without intervention from a condo association board. However, this freedom can be a catch-22; owners are free to do with the condo what they like, but when problem tenants exist, resolving the issue can be a problem for the owner and the condo association.