As you consider buying a home as an investment property or vacation rental, it’s important to understand the local regulations and laws that govern this type of home or condo. Take the Muskegon area for example, as the city contemplates and enacts change, it’s important to understand and be compliant to protect your income and investment.

 

In any tourism market, there’s typically a demand for short-term rentals for tourists visiting the area, especially Muskegon’s majestic Lake Michigan beachfront. According to a recent MLive article, a new ordinance would establish annual registration fees, an inspection process, and new safety/occupancy standards. Owners need to be aware and ready to adopt the new procedures that aim to protect the residents and neighborhoods to set a new standard of safety. Limitations on the duration of rental stays will also be put into place. 

 

Most communities and municipalities require a registration and property certification, the result of an inspection. The inspections will focus on building safety and zoning laws in place. So before inking a real estate deal and assuming levels of rental income, be sure you have a firm understanding of the ordinances in your geographic area. 

 

As potential owners contemplate entering the vacation rental market, they need to be aware of the new financial and regulatory changes.