What Can You Do If the HOA Changes the Rules?
The HOA board may decide to change rules from time to time, including whether to allow rental properties within the building or community. If you worry about the HOA's attitude toward tenants, you should consider attending HOA board meetings and raise your opinions to the board. Even if they don't listen to you, attending the meetings will keep you informed of major changes coming down the pipeline. This way, you won't be caught off guard if major rule changes prevent or restrict renters from living in your HOA property. In terms of well-maintained public areas and facilities, an HOA can be a good selling point for leasing. However, an HOA also has the potential to make your life miserable when it comes to charging money on your investment property. Therefore, keep the above factors in mind when dealing with a property managed by an HOA, and weigh the burdens against the benefits.