Everything You Need to Know About HOA Restrictions
Whether you are an experienced investor looking for a new property in a different area, or new to the industry hoping to dive in, HOA regulations are very important to understand. They differ from property to property which makes fully grasping them difficult. The most important thing to remember is to do your research before buying property. Our team is happy to help walk you through HOA regulations specific to a property that interests you and explain how they may impact your rental revenue, but for now, let’s discuss a broad overview of how HOA systems can work.
There are two big points that stand out when thinking about HOAs: Fees & Regulations.
They can tack on multiple different types of fees for so many different things. Parking, access to pools, etc. Most of the time the fees go towards the upkeep of the property which is a positive reason to charge more per rental, however, it is often frustrating when they can continue to tack on fees for guests and owners. Added fees can then add more to your vacation rental rate which might turn guests away.
HOAs limit you to certain rules and standards when it comes to your vacation rental. This has its pros and cons. It does keep things in order and ensure uniformity within a complex, but it can sometimes make getting approval quite difficult. If you are not able to get approval, it could limit your vacation rental occupancy.
The two items listed above, among others, are why HOA restrictions could impact your rental revenue. For more information and to get a clearer picture on the HOA standards on your specific rental property, give us a call! As a property management company along the Gulf Coast, we are happy to assist with any questions you may have.