Per BusinessNow.mt, the number of active rental contracts registered with the Malta Housing Authority exceeded 60,000 by the end of 2023. Apartment homes are the most popular, accounting for nearly 80% of rentals, some of which are in Msida.
BusinessNow.mt also noted that the jump in active rentals reflects the country's robust population growth. So, if you own a rarely used Msida property, why not rent it out to generate extra income?
Before you do, know that if your home has a homeowners association (HOA), you may have to follow specific regulations on rental property inspections.
PMI Malta shares insights into inspection-related HOA guidelines Msida rental property owners should know, so please read on.
HOA Rules and Rental Property Inspections
According to Malta Today, the nation has 81,613 dwellings that aren't occupied year-round. Of these secondary, seasonally used, or vacant properties, six in 10 are in a "good state." Conversely, 15% require minor repairs.
Msida properties with HOAs often belong to the first group. One reason is that associations enforce stringent property maintenance and repair policies.
Remember that once you start renting out your secondary, seasonal, or vacant HOA property, it will see increased use. From there, it'll likely sustain wear and tear faster.
Since you must adhere to your HOA's rules, you may have to increase the frequency of your rental inspection process. Otherwise, you risk violating the HOA's:
- Inspection policies
- Upkeep/repair regulations
- Architectural standards
The risk is also higher if you make the mistake of renting to someone without a sense of tenant responsibility in Msida.
HOA-Conducted Rental Inspections
If you or your tenant fails to abide by the HOA's regulations, your neighbors or other residents may file complaints. In this scenario, your HOA board or community association manager will likely initiate a rental inspection. They may impose fines on you or your tenant, depending on what they discover.
Benefits of Regular Property Inspections
Avoiding hefty fines is a good enough reason to stay on top of your HOA landlord's duties of keeping your property in good condition through regular inspections and maintenance. Besides, you owe it to your tenants to provide them with a safe and habitable dwelling.
Don't forget that well-maintained properties are less likely to suffer from premature deterioration. Furthermore, routine and thorough inspections can help you spot structural problems affecting your property. Their early detection gives you enough time to address them before they worsen and become more expensive to repair.
Remain Compliant With Regular HOA Property Inspections
HOAs significantly influence rental property inspections in Msida, Malta, as they have to maintain their community's high quality of living. So, they often enforce specific rules for landlords. They may also conduct inspections, especially for non-compliant property owners and tenants.
To help you stay compliant, consider partnering with us at PMI Malta. We're a full-service company specializing in association and property management that HOA property owners can rely on. We have over 10 years of experience and are proud members of PMI, a fast-growing company that has improved the property management industry for the last 20+ years.
Contact us today to learn more about how we can help!
