Depending on where your investment properties are located, it is possible that you may have to deal with a homeowners’ association, or HOA. There are many “planned” residential communities – with single-family and/or multi-family units – that maintain a homeowners’ association in order to keep a clean and cohesive atmosphere throughout the neighborhood.

These associations can oftentimes take on various responsibilities. However, they may also come with some obligations that are required of the homeowner. In many cases, HOAs will require a monthly fee. There may also be one-time assessments to cover larger expenses like renovating the community swimming pool or re-roofing the buildings.

Typically, the HOA’s bylaws will outline which responsibilities are up to the unit or property owner, and which are taken on by the association. These “rules” can contain items like:

  • The type(s) of vehicles that may or may not be parked in the driveway (such as boats or RVs)
  • The color of the units’ front doors, garage doors, and/or window blinds

When considering the purchase of an investment property that is in a planned community or area that has a homeowners’ association, make sure that you understand the fee(s) that you will be charged, as well as what you get in return for your monthly or one-time payments, and what responsibilities the property owner has. In addition, it can help to know the past reputation of the HOA.

If you own one or more residential rental properties in or around the Central Florida area, and you’d like to turn over the time-consuming management and maintenance duties to an experienced professional team, contact Central Florida Property Management at (407) 429-4834 or send us an email by going to https://cflpropmanagement.com/contact-us/. We look forward to making your property management easier, while at the same time continuing to receive a regular cash flow from your investment(s).