If you are considering renting out your home in a Homeowners Association community, your experience can be made easier if you are familiar with your responsibilities. Before making your home available as a rental, be sure to check out the association rules and local laws. There have been many homeowners that do not consider the rules and regulations that their HOA requires them to follow. Some HOA’s do not allow temporary leasing contract that are less than 6 months.
Also, make sure to check the homeowner’s insurance carrier to ensure you are covered for any incidents regarding your rental. This would provide you a peace of mind just in case anything happens during the rental time period.
Lastly, be sure to provide all tenant with a copy of the association rules. Not everyone will be familiar with these rules, so providing them will cause less confusion. Ensure that the tenants comply with the rules. Advise the tenants of the proper use of the facilities. Lastly, include in the lease that tenants must comply to all of the association rules.
If you are new to real estate investing and need additional legal advice, please contact the Martin Law Group. We are offering free consultation for the month of September.