Rental restrictions

Rental restrictions

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Rental restrictions
  #1  
Old 08-07-2016, 09:40 PM
mahalo mahalo is offline
Junior Member
 
Join Date: Jul 2016
Posts: 2
Default Rental restrictions

Are there any restrictions when renting a home in TV
For example
1- do you have to own for a length of time before renting?
2- if you have a mortgage on the home can you still rent?
Any other restrictions I need t know about ??

Thank you in advance

  #2  
Old 08-08-2016, 06:08 AM
dnobles dnobles is offline
Senior Member
 
Join Date: Feb 2012
Posts: 226
Default

Quote:
Originally Posted by mahalo View Post
Are there any restrictions when renting a home in TV
For example
1- do you have to own for a length of time before renting?
2- if you have a mortgage on the home can you still rent?
Any other restrictions I need t know about ??

Thank you in advance
1. No
2. Yes don't tell
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  #3  
Old 08-08-2016, 06:31 AM
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lanabanana73 lanabanana73 is offline
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Join Date: Feb 2012
Location: Windsor, VT
Posts: 665
Default

I do not believe there are any restrictions as far as The Villages is concerned. You may want to check with your mortgage holder or your insurance carrier to make sure there is no problem on their end. Good luck!
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  #4  
Old 08-10-2016, 12:16 PM
mscocco mscocco is offline
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Join Date: Apr 2016
Location: New Jersey/Village of Pennecamp-Jacaranda Island
Posts: 70
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Believe the answers are No and Yes - However.....

- Your mortgage was likely that for an owner occupy or second home and not as an Investment/rental property. The bank/lender may have issues with sub-letting the home so you might need to check on that.
- If the home is classified as a rental property, I believe there are restricting on the amount of time for "personal use" - which I think is 2 weeks per year - not sure if that includes any time spent there to make improvements, etc.
- Contact your homeowners insurance as they need to be aware if you are renting out to someone else who occupies the home.
- Florida requires any rental 6 months or less collect Sales and Use tax. Depending on the county, can be 9 or 11% but you must first register with the state to get an ID# to be able to collect and then must file a return monthly or quarterly paying any taxes collected. Even if $0 collected, you still have to file.

Now, do people follow all of these rules? I'm sure that some do no not but there's too much at risk to not in my opinion...
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