Thursday, December 17, 2009
The housing market and the result of unwise choices
Deciding to rent out property is not a task that should be entered into without adequate preparation. First and foremost, a potential landlord must be financially sound. It may seem like a terrifically easy way to make money, judging by what is shown on HGTV, but mortgage and property tax payments bearing down on you will precipitate the need to grab the first applicant.
A landlord has (or should have) a vested interest in the community where his property is located. The neighbors of his property will be the neighbors of his renters, so their rights should be taken into consideration.
In cases where a rental property is included in a Home Owners Association, the renters are to be given a copy of the HOA guidelines, which they must follow. Landlords are responsible for forwarding and enforcing the rules.
That being said, the condo above me had been put on the market for approximately 3 months at a price MUCH higher than other comparables in this area. When the price was lowered in October, it was still too high to generate any interest. As a last resort, it was rented and taken off the market.
Last night I had a total of 4 hours sleep, and those were not consecutive hours. It seems that someone upstairs decided it would be a good idea to run a load of laundry after 10 p.m. (Who’d have thought that other residents might be asleep, eh?) And at 1:45 a.m. we have the nightly buzzer to unlock the front door to let the other person in. (Hello? That’s what your key is for!) I have tried ear plugs and melatonin (5 mg!), but noise is noise. I am concerned about the long term effects on my health from lack of sleep and the short term effects of performing my job to the best of my ability.
I spoke to the unit owner last week about the situation, which accomplished little. Today I had to call the head of the Homeowners Association. I need the protection that I pay for in my monthly fees.
It’s only the 17th and already it’s been a long month.