It may not make sense to leave your condo empty during the parts of the year when you are not living there. However, renting it out may not be as straightforward as it is for other rental properties.
The Florida International University College of Law explains that your homeowners association’s declaration of condominium and the Florida statutes have something to say about landlord-tenant rights and responsibilities.
Some HOAs include the right to collect a security deposit from renters. The association must include this in the declaration, so read the document carefully to determine whether this is a possibility. You may have more trouble finding a renter who is willing to pay two security deposits.
One of the HOA’s primary concerns, of course, are the dues it receives. As the owner, you are still responsible for paying those. If you do not make sure they reach the HOA in a timely way, it has the right to have your renter send rent checks directly to the association.
Maintenance and repair
When drafting your lease, you need to refer closely to the HOA declaration before listing what maintenance and repairs will be the tenant’s responsibility. Note that although the HOA may take care of some things, tenant negligence may nullify the association’s responsibility. If you have a tenant who does not take care of the property, you could face repercussions, yourself.
The terms of the governing document
In addition to the above items, your HOA may include others in the governing document. You and the tenants should review it together so you can verify that your renters understand what you expect of them.