If you own an HOA property, you may be wondering how to navigate the rental process.
Not all homeowners associations allow members to rent their property out. It's important to look at your community's governing documents before listing your home for rent. When you get the green light, you'll need to make sure you find a good tenant who will live by the rules and regulations of the HOA.
Even still, you'll need to keep an eye on your property with consistent rental property inspections. Today, we'll tell you how to navigate the inspection process and help you understand your rights as an HOA homeowner. Keep reading and you'll be able to rent out your property without worry.
A Note On Tenant Screening
Before we discuss inspections, it's important to note the importance of tenant screening for HOA rentals. In many ways, thorough screening is more important in HOAs than outside of them.
Choosing a poor tenant directly affects your neighbors and will have consequences for you as the homeowner. Take the time to do background and credit checks, and call previous landlords to determine if a tenant is the right fit for your HOA.
Educate Your Tenants
When you've got a good tenant ready to move in, make sure you educate them on the HOA governing documents. Since your tenant will be living in the HOA, they'll be the ones who have to comply with most of the governing documents.
In terms of fees and other HOA matters, you can iron all of this out in your lease agreement. It'll be wise to notify the tenant of your intention to inspect the property regularly to maintain compliance with the HOA rules.
Move-In/Move-Out Inspections
The first inspection you'll do is a routine move-in/move-out inspection. You and the tenant will walk around the property with an inspection checklist, making note of any existing damage on the property.
The same inspection is done when the tenancy is over to see if any tenant-caused damage has occurred. Anything outside of normal wear and tear can be paid for using the tenant's security deposit.
Regular Inspections
In addition, you'll work with the HOA board to perform regular property inspections. It's important to understand your tenant has the right to quiet enjoyment and privacy, so don't go overboard with them.
That said, there's an extra layer of responsibility in an HOA. If your tenant fails to maintain the property in a way that satisfies the HOA rules, you'll be the one who is punished. You also want to make sure they're complying with your own rules as laid out in your lease agreement.
Get Help with Rental Property Inspections
There are a few extra complications with being a rental property owner in an HOA. Rental property inspections should be a main priority to ensure your tenant is always in compliance with your HOA, as well as your lease.
If your community uses an HOA manager, they can help guide you through this process. PMI Bayou City is a full-service HOA management company that provides excellent resources for all of its Houston community members. To learn more about what we do and how we can help you navigate HOA rentals, contact us today.
