Are you considering buying a Vero Beach home to use as a rental property? Keep in mind that there is a legal difference between an owner-occupied home and a rental property. Home sharing and home rentals is big business in Vero Beach and Indian River County.
Actually, all around the country, short-term rentals are big business. For example, Just over a year ago, Airbnb announced that their landlords made a combined $273 million dollars, and Miami-Dade brought in $113 million! Right here on the Treasure Coast the same year, Airbnb hosts in St. Lucie County hosts earned a combined $727,000, Indian River County hosts earned a combined $594,000 and Martin County hosts earned a combined $539,000!
Check With The Local Government
Before you start renting out your property for either a short-term or a traditional rental though, check with the local governments and Indian River County. Just over a year ago, Indian River County passed a tough new ordinance that added licensing rules and capped the number of guests that are allowed to stay in a short-term rental. This is a hot topic still in Vero Beach, so check first!
Check With Your Mortgage Lender
Some mortgage companies aren’t cool with houses being turned into income properties. If your loan is issued based on owner-occupancy, check to make sure renting out the property is even an option first. Some mortgage companies will let you do it for a fee, while some really don’t care at all as long as you pay your mortgage on time.
Talk To Your Homeowner Insurance Company
Your hazard insurance will need to be adjusted from owner-occupancy to a rental. Then, make sure you get the new policy to your mortgage company as well.
You’ll Need A Home Inspection
You should hire a licensed home inspector to check out the property and look for potential problems. You may need to fix some things just to be able to rent. You’ll also want to know what problems could arise in the future, so that you can be ready. It’s also a good idea to take out a home warranty for additional appliance protection.
We Are Your Indian River County Experts
Please consider our team at Alex MacWilliam Real Estate whether you’re selling your home or looking for a new one. We love helping make people’s dreams come true. Plus, we’re experts in this area. Want to find a place to golf in Vero Beach? Just ask one of our skilled realtors while touring your potential new house! Our realtors will try to answer any questions you might have about amenities you can find nearby. Also, check out our Vero Beach relocation guide.
Feel free to use our online search tool to find Vero Beach real estate from your device now. Plus, while you’re at it, also check out:
- Open houses in Vero Beach
- Featured Vero Beach real estate
- 55+ condo communities in Vero Beach
- Single family homes in Vero Beach with acreage
So, if you are considering relocating to Vero Beach, please contact us today. Our real estate team is extremely knowledgeable about the area and can find the perfect home for you. Call us at 772-231-6509 to talk to a Realtor® in Vero Beach, FL today. We can search the MLS and find your dream home.