Are you thinking about buying a condo as an investment in Chicago? Dealing with an HOA can be difficult as an investment property owner. You’ll want to stay in the loop and make sure the tenants you have in place are respectful. Learn more about how to deal with an HOA for your Chicago property in our latest post!
You often hear horror stories about nightmare HOA’s who impose outlandish rules and site owners with ridiculous fines. However, in many communities, this isn’t the case. Many communities have great associations that help manage the community and improve the residents quality of life. Before purchasing a condo in Chicago, make sure you understand their role, your role, and how to communicate most effectively.
Know The Rules
Every HOA is set up a little differently. As such, the rules and responsibilities will be a bit different. While it may not seem like exciting reading material, carefully reviewing the bylaws, regulations, and rules of your HOA is imperative before buying. You don’t want to find out after the fact that you can’t do what you want to do with the property. By knowing the rules, you will be able to stay in compliance and avoid and unnecessary fines or confrontations. You will also be able to ensure the HOA is holding up their end of the deal by enforcing the policies outlined for the community.
When dealing with an HOA or owning a property in close proximity to so many other, disagreements are bound to arise. The best resolutions are found when both parties are respectful and take the time to hear each other out. Even if you are upset about something, hold your temper and work toward a peaceful resolution. Remember, these people aren’t going anywhere anytime soon, so you’ll want to keep the relationships are cordial as possible.
Stay In The Know
Just because you don’t live onsite doesn’t mean you shouldn’t take an interest in what’s going on. Keep abreast on issues going on in your community. If there is voting happening or an important meeting, be sure to cast your vote or attend the meeting if possible. Put yourself in your tenant’s shoes and what decisions will benefit them. After all, a happy tenant is much more likely to stick around for a while.
When you choose to invest in a condo, townhome, or multi-family property, you have to make sure your tenants understand the rules and will act accordingly. They need to be respectful to other tenants as well as the management. Any violation they incur will be passed on to you and can come with financial ramifications. Make sure to include provisions in your lease outlining what will happen if a tenant violates the rules of the community.
Make Your Voice Heard
If there is a need, a want, or a problem, don’t be afraid to speak up. Your HOA is ultimately there to serve the residents and owners, helping them with issues that arise. You pay fees to live there, so make sure you are joining a community where you will get your money’s worth.
Know How To Communicate
Some associations are best reached by email, others by phone. You’ll want to know the best way to contact the HOA and who you need to speak to. Keep communication open so that members of the HOA know you, your tenants, and how to reach the both of you. Creating friendly and open relationships from the start will help make any issues and differences of opinion easier to handle.