Becoming an Emerald Coast short-term rental investor can be a smart financial decision. The area is a popular vacation destination. That said, there is more to the investment than buying properties and listing them on short-term rental platforms.
HOA rules are a common issue for short-term rental investors. You buy the property only to find out that the HOA has all sorts of restrictions that complicate your strategy. As burdensome as these rules might seem, you need to follow them. Falling afoul of the HOA will only complicate matters further.
This post will cover some of the HOA rules investors must follow.
Many HOAs won’t ban short-term rentals outright. However, they might set rules concerning the minimum length of rental stays. For example, the HOA might have a rule setting a minimum of thirty days for short-term leases. It is also important to note that some of these restrictions might also be local laws.
HOAs will also have rules for the number of people who can stay at the property. In most cases, it will be something like two people per legal bedroom. However, it can vary depending on the HOA. You may also have concerns regarding local laws and the number of people that can stay at a rental.
Parking can be another issue for short-term rentals and HOA rules. First, they might have rules concerning the number of cars at each property. There might also be rules about parking on the street. The HOA might allow daytime street parking, but there might be rules against leaving cars on the road at night.
Maintenance should be a concern whether the rental home is in a neighborhood with an HOA or not. However, the standards might be more specific if an HOA governs the neighborhood. Rules about landscaping and trash collection are common with HOAs. There might also be rules about how you maintain the structure.
Many of these neighborhoods have people who live in their homes year-round. They want to maintain a certain level of peace and quiet. One measure to achieve this is HOA rules governing noise restrictions. Usually, there will be hours during which loud noise can result in fines or other penalties for the property owner. As the owner, you need to make sure renters are aware of these restrictions.
As much as short-term rentals in Emerald Coast can be a good investment, there is a lot to consider. There are even areas where the local government has banned short-term rentals in specific districts.
Contact Mike Jones if you need help buying or selling Emerald Coast real estate. He is an expert in the local market, and he would be happy to discuss your needs and goals.
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