Home-Sharing Rules and Regulations: 3 Things You Should Know Before Renting Out Your Property

If you’ve ever done anything having to do with real estate, you’ll know there’s a lot of paperwork, red tape, and documentation involved. Owning a home, renting a home, leasing a home…it’s all a lot more complicated and regulated than you think. This same standard applies to home-sharing.

Before you ever consider renting out your property for short-term use, you’ll need to do a lot of research. Why? There are specific rules and regulations that go along with short-term renting, and it’s very likely that you aren’t entirely educated on the subject.

That’s why CuddlyNest is here to help. We have three great pieces of information and advice for current or future short-term accommodation owners who want to make sure they’ve dotted every I and crossed every T.

Start locally. What are your community regulations?

Most short-term property laws are handled on a state or community level. At the micro level, within your specific community, home-sharing ordinances may be completely different as compared to a town 30 minutes from where you live. Every community has their own way of zoning their land, and ordinances may vary from one town to another.

In order to begin your life as a short-term rental property owner, you must first research and understand these laws and ordinances. These laws will tell you what you’re required to do to rent your home out to others, or if it’s even allowed at all!

The best way to do this is to contact your local government directly. Ask questions about online resources or print editions of these laws and any specific rules they have regarding the number of days you can rent a property to be still considered short-term.

Taxes and permits and licenses…oh my!

One of the most basic aspects of short-term property renting is getting a permit. Most cities in North America have made this a requirement before you start your rental business. This permit gives you permission to act as a “landlord,” so to speak, except only for a set amount of time. These permits are necessary no matter how long you plan on renting out a property — whether it’s just for a week during vacation season or all year round.

Also, don’t forget that the money you make off of sharing your home is taxable income. It’s your responsibility to keep track of tax information that comes with home-sharing. Without these reports, you may face penalties. CuddlyNest makes it easy for you to track your rental schedule and maintenance throughout the year to make filing for your taxes as easy as a breeze.

Think about responsibility

Finally, think about other laws that pertain to simply living in an area. Your tenants are responsible for keeping their noise level down, just like you would be if you were staying on your property. While a great tenant will look up this information on their own, the best owners and managers will give their tenants a dossier of the most important ordinances and rules they should be mindful of.

It’s also the job of the property owner to keep their guests safe. Safety should be your number one concern once the rental process has started.

Browse. Book. Stay.

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