HOAs And Rentals - Property Management Salt Lake City Info
If you are a landlord in Salt Lake City property management and your investment property is part of a condominium development there are special considerations that should be made regarding the home owners association or HOA. Many people find HOAs attractive options for both residences and investment properties. An HOA typically has shared costs for many maintenance items which alleviates some of the work associated with property ownership.
HOAs also have established community rules that are generally designed to enhance or preserve the value of the community.
If your Salt Lake City or Park City long term rentals are in an HOA then as the landlord you need to make extra effort with your tenants. Below are a few examples of HOA rules that tenants may unknowingly break and that landlords should consider their responsibility to inform tenants of.
- Length Of Stay: Of the several HOAs that I manage rental properties in this rule varies. One has a restriction that does not allow leasing for a term shorter than 30 days. Others do not have a restriction of term which essentially allows for nightly rentals. This type of property, sometimes referred to as a "condo hotel" is significantly more common to Park City property management than it is in Salt Lake City property management. Nightly rentals come with their own difficulties as well. Make sure you are aware of your HOAs restrictions on length of stay for tenants.
- Pet Rules: Again this rule will change depending on the HOA. I work with HOAs that allow owners but not tenants to have pets, HOAs that don't allow anyone to have pets and HOAs that allow both owners and tenants to have pets. There will also be restrictions on the number, size and breed of pets as well. I have seen landlords turn a blind eye or even deliberately mislead tenants. I have seen tenants who know the rules and ignore them. As a landlord make sure you follow the rules and your tenants do as well.
- General Community Rules: There are also rules established that limit certain behaviors in a community. Things like parking restrictions, use of decks or patios, common area rules, and rules for amenities like pools or gyms are just some of the restrictions you can encounter in a HOA regulated community. The best thing any landlord in Salt Lake City property management can do is make sure they first obtain a copy of all rules from the HOA. Many HOAs have a management company that will have all the rules and regulations available for all property owners. Obtain these rules and inform your tenants up front that they are obligated to obey the community rules. Most HOAs also have a fine schedule that pertains to repeated violations. An owner is responsible for the behavior of their tenants. So if your tenants are found to repeatedly violate HOA rules the fine will be assessed to you as the property owner.
My experience has been that most people, when informed of the rules, will make a reasonable effort at following them. There will always be a certain percentage of the population of any community that will feel as if the rules don't apply to them. It is the responsibility of landlords to determine which type of person their tenants are and take the appropriate action.
If you would like more information on HOAs and rentals, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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