Kirkland Central Condos
  (425) 827-6024   contact@kirklandcentral.com   
211 Kirkland Ave., Kirkland, WA 98033
Rental Restriction Amendment Survey

Proposal to amend Kirkland Central Condominium Declarations to restrict homeowners from renting out their units within the first 18 months of ownership.

A sub-committee of owner-occupants has been formed to initiate the process to amend the existing declarations to include this rental restriction.

 

Why.  There is a direct relationship between condominium home values and the percentage of rental units in a condominium community. The percentage of rental units at Kirkland Central is roughly at 50%. Our home values can be protected by establishing a rental restriction amendment as soon as possible eventually working towards a rental cap for the building.

 

Why Residents Should Care.

  1. Some major banks and mortgage lenders will not lend against condominium communities with rental percentages of 25% and above. This would greatly reduce the buyer pool for our units. Current FHA guidelines will not lend if less than 75% of the units are owner occupied.
  2. Master homeowners insurance policy premiums are higher with higher non-owner occupied percentages.
  3. Renters cannot serve on the HOA Board or otherwise help with the committee work which would overly burden the residents who volunteer their time and expertise.
  4. Statistics show that renters in general do not respect and maintain properties the same way owners do and cause increased maintenance costs over time which leads to higher HOA dues.
  5. Absentee-owners generally do not want to pay for property improvements that owner-occupants may propose since they are less directly affected. 

How.   The first step in this process is to have an initial informal poll of existing owner-occupants to determine the level of interest in proceeding with the amendment.

 

A minimum favorable vote of 67% of all Kirkland Central Condominium owners is required to pass the amendment.

 

We ask that you complete the informal survey below in order to assist your Board in determining the necessary course of action.  We thank you in advance for your participation.

* Name
* Unit Number
* Email
Home Phone
Cell Phone
* I approve the rental restriction amendment. Yes
No
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