With more and more consumers purchasing second properties to use as Airbnbs or rental properties, you may find yourself with clients who want to make the investment in this type of home.
“It’s a new phenomenon as Airbnbs have become so popular,” said PAR District 4 Vice President and Pocono Realtor® Lisa Sanderson. “I’m starting to see it more and more. People are looking for ways to invest. We are starting to see properties come on the market for this purpose.”
Sanderson said most of her clients in the region want a property that is close to amenities, such as a lakefront. “In an area that has amenities, we have a lot of nice communities in the Poconos. Buyers are also looking for space, the more people you can sleep in the unit, the more you can charge for rent,” she said. “They also want homes in decent condition, a lot of people aren’t looking to do a ton of work to get it up to par to make it desirable.”
However, a lot of consumers aren’t aware of the implications and regulations of communities and townships, said Sanderson. “It’s all new, so there is a lot of changing stuff going on with what you can do and what kind of fees are involved with renting properties, what is allowed, what is not allowed and what your responsibility is to your community in general,” she said. “Most of these hosts don’t necessarily have a clear idea what is going on in their properties when they are rented out.”
She has also encountered buyers who haven’t familiarized themselves with the local and state taxes and regulations.
“There are tons of Airbnbs and they are doing really well. They are really popular,” she said. “I think buyers really need to research and make sure the area isn’t flooded with other Airbnbs to ensure they have a good supply of renters. A lot of hosts have an established rental history already.”
Sanderson suggested buyers do research in the area before they purchase a home to use as an AirBnb. “Find an expert agent to help you, someone who is really tuned in to what is going on in the local area, so you both know.”