Owning a vacation can be a good option for people looking to purchase a second family home or a home for future retirement. The rents paid by guests can contribute to paying the mortgage while still allowing the owners to use the home themselves from time to time. Because the Central Oregon Coast is both attractive to tourists and to retirees, the vacation rental industry thrives here. There are, however, important facts to find out before deciding to invest in a vacation rental.
Location: First and foremost it is important to know if a house is within an area that allows short term rentals. Some cities allow rentals but have caps limiting the number allowed while others limit rentals to certain zoning or neighborhoods. Some areas have both caps and limit the areas where rentals are allowed.
Regulations: It is also important to know the licensing and permitting requirements involved. While most of the paperwork is fairly straightforward it varies from city to city, and to county. For example, in unincorporated areas of Lincoln County, a one page application and quick inspection is at the time of this writing all that is required. Compare that to the City of Newport, which at this time requires a business license, short term rental application, confirmation of liability insurance, parking map and inspections by the City as well as the Fire Department. Regulations are frequently reviewed by local city councils so it is important to ensure that you have the latest information available.
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