ORLANDO, Fla., Nov. 5, 2016 /PRNewswire/ -- Home sharing is increasingly becoming popular amongst travelers and homeowners alike, and Realtors ® need to be aware of the opportunities and intricacies when helping their clients purchase property that's intended for short-term rentals. That's according to a panel discussion here yesterday at the 2016 REALTORS® Conference & Expo.
The timely conversation on short-term rentals and private property rights comes at a time of much debate on the appropriate amount of regulation for home sharing from state and local governments. Providing their insights and advice on engaging with local authorities and navigating clients through the process were Brian Copeland, 2016 president-elect of the Tennessee Association of Realtors ®, and Realtors ® Dawn Thomas and Raziel Ungar, both top producing agents serving clients in California's Silicon Valley. All three speakers own short-term rentals and provided their unique insights that other Realtors ® should know. Thomas kicked off the discussion emphasizing that it's absolutely critical to understand the legal, zoning and tax rules around owning a short-term rental - which is considered any property rented for less than 30 days. She also recommended clients have a conversation with an attorney about the tax implications around purchasing a second home through mortgage financing. Copeland emphatically agreed with Thomas' remarks and stressed the importance of knowing the federal and local laws and to communicate them thoroughly to clients exploring a home purchase for short-term rentals. He explained that a growing number of localities are deploying regulations and laws, including limiting the amount of vacation rentals within a certain census tract. In some popular areas, the wait list to get a permit can be several years.