Are you thinking about renting a property in an HOA community?
While there are great benefits to renting a home in an HOA community, there are certain misconceptions you should be aware of. Additionally, it is important that your rental agreements reflect the rules and regulations of the HOA.
Continue reading to learn more about rentals in an HOA community.
1.) Tenants Are Not Responsible for HOA Fees
As the home owner or landlord, you are responsible for paying all HOA membership fees, not your tenants. Tenants will be responsible to pay their rent/utilities alone.
This is one reason why it is beneficial to find more long-term tenants. Some landlords who oversee HOA rentals specify minimum length requirements in their rental agreements.
Longer-term rental agreements can not only help pay for HOA fees but can decrease tenant turnover rates.
2.) HOA Communities May Offer Attractive Maintenance and Amenities
One of the key benefits of purchasing a home in an HOA community is that many HOA communities offer some maintenance as well as attractive amenities.
Depending on the HOA, homeowners will receive lawn care with their dues. Additional maintenance may include trash removal, roofing, plumbing, and snow removal. Most HOAs oversee the maintenance of general or public areas in the community.
Beyond maintenance, some HOA communities offer their homeowners amenities such as a fitness center, pool, sports courts, and a community clubhouse. Tenants who rent HOA homes can utilize these amenities alongside their neighbors.
3.) HOA Assessments
HOA assessments are not uncommon. An HOA may decide that the homes in its community need an exterior upgrade (such as roofing) and require you as a home owner to pay for the upgrade. If you do not obey HOA guidelines, you will be at risk for breach of contract. Random HOA assessments can be costly, however, the pros often outweigh the cons of purchasing an HOA property.
4.) You Have a Say in HOA Board Meetings
HOA communities hold regular board meetings where homeowners can discuss their community's rules and regulations. HOA meetings are an opportunity for homeowners to articulate their opinions and preferences.
As a homeowner in an HOA community, you have a say in a board meeting. You can speak on your tenants' behalf and request certain regulation changes. Attend HOA board meetings and be a vocal participant in them. Not only is this beneficial for you as a homeowner, but for your tenants as well.
Rentals in an HOA Community and More With PMI Buckeye Services
At PMI Buckeye Services, we have served many clients with managing rentals in an HOA community. Among the benefits of purchasing a rental home in an HOA community are attractive maintenance and amenities, having a say in how the HOA community is run, and knowing that property value will be prioritized.
We are a full-service asset management company that provides community association management services. Our experienced team of property managers can not only assist you with maintaining HOA guidelines but with rent collection and property maintenance.
To learn more about our services, we invite you to schedule a consultation today.