Chicago

[pdovy]

Hey Redfin,

I'm currently renting and considering buying my first home.  I'm looking at mostly 2-3 bedrooms condos/townhomes and although it wouldn't be critical from a financial standpoint, I'd like to have the option of renting a room (more likely to a friend than a stranger).

Is there anything I need to be specifically aware of in terms of condo association rules or city/state laws that could make that difficult?  Is it different depending on whether I have a lease drawn up for this person?

Thanks,

Paul

[Blueberry]

What specific area are you looking in? I know nothing about Chicago area, but some cities/counties/jurisdictions have rules about renting rooms. For example, some places will let you rent out a single room, but only if you have at least a 6-month lease (they don't want transients). In some places, you need an inspection from the local city/county/jurisdiction to rent all or part of your home. Each condo association probably has different rules, too. Parking restrictions can be an issue (if you have a certain number of assigned parking spots, you may or may not be allowed to have too many extra vehicles there on a regular basis).

[WinaltHome2011]

The best thing you can to is to find a lawyer that have expertise in terms of properties. Some terms and conditions you can look out for (other than looking for the laws about renting on your area) will be on your agreements made if such negotiations are done.

[koctail]

My condo board bans renting but I rent out a room in my 3-bedroom unit . Since I still live there and it remains "owner-occupied" I am not breaking any rules. I even told the condo board I have a friend staying with me for a while and asked where he can park. Just don't advertise you have someone renting from you, say it is a friend..

[WinaltHome2011]

That could be a good deal as long as it remains to be just between you and that person who rents out with you.