Question:
How much of an annual fee is assessed, if any, when an owner uses their unit as rental property? It seems that as renters are sometimes a problem (parking, noise) that there should be some financial consideration leveraged.
– Marilyn
Answer:
Hi Marilyn,
It depends on your association’s governing documents. Your governing documents should consist of your HOA rental restrictions (if any). Some associations do charge a fee if an owner wishes to rent out their property, while others don’t. Whether or not your HOA can charge this fee will depend on your rental policy.
If you wish to charge such a fee but don’t have rental restrictions in place, amend your documents to include them. This ensures that your HOA has the authority to restrict rentals and charge a fee for them. The dollar amount of this fee will be up to your board, though it should not be unreasonable.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
