HOAs can solve the storage issue

The homes in townhouse developments and other gated communities usually all have their own garages or carports, but there is often also a demand for additional permanent parking or storage areas for trailers, bikes, boats and caravans.
And because there is usually not enough space to create an extra parking bay or storage unit for each household and still have enough parking for visitors, the issue can become quite thorny for the body corporate or home owners’ association (HOA).
However, says Berry Everitt, CEO of the Chas Everitt International property group, the HOA can resolve the issue by passing a resolution that no-one may have exclusive use of any limited common amenity (such as the spare parking bays in the estate) unless they pay rent to the HOA.
“And this rent can then be used to help keep everyone’s monthly assessments or levies down.”
Writing in the Property Signposts newsletter, he says It is recommended that the rentals charged should be based on local parking and storage rates, and that the spaces should be leased and paid for annually to reduce bookkeeping and ensure a steady income stream for the HOA.
“In addition, multiple rentals by one owner should not be allowed unless supply should for some reason exceed demand, and then only if the HOA reserves the right to review the situation annually.”
The HOA should also be very wary, Everitt says, of renting parking or storage space to non-residents. “Security could easily be compromised by doing so and besides, the HOA would have little or no recourse against non-residents who defaulted on rent or perhaps damaged common property.”
Issued by Chas Everitt International

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 24 Apr 2018
      The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us