Home Selling in Parkland>Question Details

Active Hoa, Home Seller in Parkland, WA

Should the HOA charge a $1,500 security deposit to homeowners who rent thier homes? Is this number reasonable?

Asked by Active Hoa, Parkland, WA Tue Sep 2, 2008

I live in a small development (35 homes valued at $1million and over). We have a lot of investors who are renting thier homes and a few have gone into foreclosure. Many are not paying the HOA fees and and a few have renters who are destroying the common areas. The HOA is proposing to ammend the docs to require a $1500 security deposit to cover and damages and abilty to deduct and unpaid HOA fees from the deposit. Is this reasonable and fair?

Help the community by answering this question:

Answers

4
Active,

On the surface, the amount seems high but when home values are factored into the equasion, it does make sense.
0 votes Thank Flag Link Thu Sep 4, 2008
If your a member go to the meeting and voice your opinion. I'd personally make it much higher for $1mil homes.
0 votes Thank Flag Link Wed Sep 3, 2008
As a former townhouse owner and member of the Board of Directors of the Homeowners' Association,
I'd like to say that the owners are regulating their own properties, and if the need for a $1,500 deposit is there, then the board is folowing the law. If tenants can afford to pay market rent in a $1Million+ home, then a $1,500 deposit is certainly reasonable. The burden of repairs, if any, then are offset by those who cause the damage.
0 votes Thank Flag Link Wed Sep 3, 2008
I do not have a basis to go by, but if renters in the area are detroying the common areas than I guess it is the HOA's right to ask for a deposit if a homeowners chooses to rent there homes. The other choice could be to raise the dues for everyone to cover loss and damages. In other areas that have HOA it is common for the HOA to even limit the number of rentals that are allowed.
Web Reference: http://mytacomahome.com
0 votes Thank Flag Link Tue Sep 2, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer