A Guide To Buying Blue Mountain Cottage Rentals

You've probably noticed a huge change in the real estate market in the last few months. There is an increase in interest rates. The price of goods is declining. Renting is rising, and fewer people are looking to buy a home. So investing is a great time right now.

In the current market, short-term rentals are in vogue thanks to sites like Airbnb and Vrbo. There is an appeal to it. You won't have to worry about long-term leases. Getting rid of bad tenants takes little time if you're unlucky. You can also generate passive income by renting short-term if you live in a tourist area with higher rents. The growth in equity you earn as your property increases in value should be mentioned.

Is the Blue Mountains a good investment property to consider? Here are a few things you need to know if you've thought about doing so.

There are very strict rules for short-term accommodations at Blue Mountain Cottage Rentals & Blue Mountain Cottages Airbnb. The Blue Mountain resort is one of the region’s most popular vacation destinations. Despite its ski hills' fame, thousands of visitors flock to the area throughout the year for other attractions. Luxury spas, scenic caves, and hiking trails are legendary. There is also a mountain roller coaster at Blue Mountain, the only one of its kind in the region. It's a great way to enjoy the Fall colors!

Blue Mountain is a great vacation getaway. However, thinking twice before investing in a short-term accommodation (STA) property may be wise. Exactly why?

There are very strict guidelines and bylaws to follow in Blue Mountain, and less than 1% of all properties are available for short-term rentals. As a result, many investors make the mistake of buying a property to rent it out. Then, they were caught off guard when they needed help to secure the necessary zoning. You can protect yourself from costly mistakes by conducting thorough research and finding the right investment opportunity.

Don't Invest Without Knowing the Rules

Are there any rules or penalties you should be aware of? The fine for operating a short-term rental without a license is $2,500 under By-law 2017-71. In addition, if you advertise your property without a license, you are subject to a $500 fine. An additional $500 can be charged if you exceed the maximum occupancy.

Non-compliance can quickly eat up all or most of your profits. Moreover, Blue Mountain not only has strict rules but enforces them as well. Therefore, you should refrain from buying a property and hope to fly under the radar. The following are just a few guidelines to follow:

A property owner who rents their property for less than 30 days is subject to STA bylaws, except for hotels and managed buildings with more than ten units.

• A permit is required for STA use in specific areas.
• Fire safety inspections are also required if your property is approved.
• A Renter's Code, Parking Management Plan, and maximum occupancy calculation must be followed.

 



Is it Critical to Have Accurate Advice?

Lifestyle investors often try to get around the rules by renting out their units during the summer and living in them during the winter. A few people live in the home full-time and rent out part of it for short-term rentals. Some municipalities recognize these workarounds as valid, but others may need to.

Speaking with an intelligent real estate agent who knows the area and understands the law before investing in short-term rentals is essential. More is needed to be a local agent. Each area has nuances and differences, and you need someone who understands them. Your success as an investor depends on your compliance with all laws.