More than 82 percent of all newly constructed homes each year are part of homeowners associations (HOAs). Currently, more than half of all homeowners in the United States live in communities with an HOA.
HOAs provide many benefits to the communities they serve, and they have a unique interest in rental properties. For this reason, they are responsible for carrying out rental property inspections. This can be a complex process that requires hiring architects or other professionals.
If you want to learn more about how HOA companies can help facilitate rental property inspections, keep reading. The information below lays out how this works and what benefits hiring an HOA company in Tampa, FL, can bring. It will help you determine if is the right option for your community.
Why HOAs Conduct Inspections
HOAs work to better many aspects of the communities they represent. They are responsible for common property upkeep, amenities, financial planning, and beautification of the community. They also are responsible for identifying HOA violations and levying associated fines.
HOAs are also tasked with carrying out inspections on the property. For example, they will do assessments of the neighborhood or condominiums to see if there may be a better use for certain areas.
This is the case for buildings as well. Ones that need regular inspection include pool houses or community centers in condo associations. It also can extend to rental properties in the community.
In many locations, HOA building inspections are mandatory. There is often a timeline for when they must be carried out after new construction. For instance, Florida law requires inspection of condominiums that are older than 30 years old or higher than three stories.
HOA Rental Property Inspections
Rental properties are a unique issue in HOA communities. That is because, since the owner is not living in the home or unit, the HOA has a greater responsibility to ensure community standards and HOA rules are being met.
Rental property inspections are an official way to assess the condition of the property. This is important because they can act as an agreement between renters and owners about the property status before move-in. It is also common to have inspections whenever renters move out.
What Does a Management Company Have to Do With This?
In most cases, it is the responsibility of the HOA board to have inspections done. They can contract with architects that ensure rental units are up to code or builders who determine if the property meets community standards. Oftentimes, an HOA will hire a management company to do this instead.
What Are the Advantages of This?
The main benefit of hiring a management company for rental property inspections is that they will know exactly what needs to be done. This ensures the property meets community and legal standards.
Likewise, hiring a property management company indemnifies the HOA from any negative repercussions. If there are any legal disputes, the company would be responsible for settling those matters.
A final advantage is that it puts experts in place for scheduling future inspections. An HOA manager will stay on top of aging buildings or changes in rental status, knowing when inspections are warranted or required by law.
Find Property Management Services Near You
Now that you know how HOA companies carry out rental property inspections and the advantages that can have, you can determine if their oversight is right for your community. It can help save you time, money, and ensure inspections are done when necessary.
At PMI Tampa, we customize our services to meet the needs of each property we manage. We offer a range of services, from financial oversight and administration to maintenance and building inspection. Reach out to us today to learn more.