When you’re in the market to buy a rental home, should you buy one in a neighborhood with a Homeowners Association, or HOA? Property management can be easier, or harder, depending on the HOA rules. Your Arlington property managers at Specialized Property Management can help you pinpoint the right neighborhood to buy a rental home, but while you’re looking around, keep these tips in mind.
HOAs: Why Arlington Property Managers Love Them!
There are some great things about HOAs! The quality of life in an HOA neighborhood is very desirable for some tenants because of the amenities and the general feel of the neighborhood. Your HOA fee typically goes toward keeping the neighborhood looking nice and paying for amenities such as a community pool. These quality-of-life upgrades can be attractive, especially for tenants looking for a single-family home in a nice neighborhood.
HOAs: Why Your Arlington Property Management Might Say Think Twice!
While many HOAs make life more pleasant for residents, they can also make things difficult for rental property owners. Oftentimes an HOA will have rules and bylaws that come with fines if broken. This means you will need to stay on top of things at your rental home and communicate these rules to your tenants, so they don’t unknowingly incur a fine. Go over all the HOA rules, and plan on talking to current residents to find out their experience with the HOA to learn more.
Talk to Your Arlington Property Management for Help
With almost 30 years in the rental property business, Specialized Property Management has worked with many HOAs in and around Arlington. Property managers on our team can help you find out more about the HOA rules of a rental house you are considering. If you are starting out in the rental property business, or already have multiple homes, call Specialized to hear about all our Arlington property management services!