Mortgage guidelines are positively prehistoric when compared to newer companies like AirBnB and VRBO, which have gained popularity as interest in short-term rentals has increased.
But when it comes to getting a home loan on a property that is not your primary residence, you have to state on your mortgage application whether you have a second (or vacation) home or you have a rental (aka investment) property, and there is no middle ground for a "vacation rental." However, there can be real consequences if you get the classification wrong.
So, let's rock the distinction between vacation … (11 comments)
Ok. I'm going to go out on a limb here and say that someone reading this post has, at one point in his/her life, taken an Uber to an AirBnB. It makes sense and it's a perfect exemplification of the "gig economy" working in both housing and transportation. Take a car you don't own to stay in a play you don't own, yet efficiently meet the needs of your travel and lodging.
What about the other side of the equation? Let's say you're the owner of the property that you list … (24 comments)
I don't know about where you live, but here in Marin County, accessory dwelling units ("ADU"), also known as accessories, 1+'s, granny units, in-law's, mother-in-law's, etc., are all the rage. When we discuss remodel projects with our clients, adding an accessory is often high on the list. After all, if permitting allows, the thought of having the extra space to accommodate guests, parents or children, short- or long-term renters or maybe just create the proverbial doghouse in marriage under the strain of any/all of the above, can be appealing. But from a mortgage guideline standpoint, … (4 comments)
...is anybody even asking the question? Shall we then conjure The Bard to determine not whether renting out some or all of your home(s) through Airbnb or VRBO is a good idea itself, but once done is done, to know how thee mortgage lenders may view thine income? Whilst the "collaborative consumption" economy may be in full, progressive and dynamic bloom, a rose by any other name, like the mortgage industry for example, can be quite slow to see the light. True, our dagger may well be perceived dull held alongside the cutting edge of the Uber-net. So to venture … (82 comments)
How to Rock Second Home or Rental Property?
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