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Updated almost 3 years ago on . Most recent reply

Account Closed
  • Investor
  • Colorado
8
Votes |
36
Posts

Questions to ask HOA if buying rentals in HOA community...

Account Closed
  • Investor
  • Colorado
Posted

Sorry if this has already been answered somewhere but if am going to buy a 3BR SFH in a community where there is HOA (if I cannot find one with no HOA unfortunately!!) and I plan to live in this SFH for at least a few years (less than 5 though!) and then I plan to rent it out long-term. If I find such a SFH, I am going to ask HOA the below questions.... if I left anything important out please let me know. I am trying to know what to ask about HOA's rental policy. Thanks in advance!

1. What is your policy on rental properties?

2. Can property just purchased be immediately rented out or must it be owner occupied for X period of time before being able to be turned into a rental with a long-term tenant? 

3. Is there an owner/renter ratio that must be met? If so, what is the MAX number of properties that can be rentals?

4. How many properties are in this entire community and how many are OWNERS and how many are RENTERS?

5. Can I be CONFIDENT that rental properties will *never* be banned in this community or is there possibility that all rental properties might be banned at some time in the future?

6. Are seasonal renters allowed or long-term only?

I don't know what other questions to ask HOA... I'm sure I left some important things out? I HOPE to not have to deal with HOA... but I am already preparing myself to Unfortunately! Because the area I want to buy this property in has lots of HOAs. Most are averaging $60/month in HOA for the time being. But it's the CONTROLLING factor I am worried about!

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