ability to rent in newer areas?
 

My husband read something today about home owners in the newer southern areas having restrictions placed on their ability to rent their houses. I had never heard of this before. Does this sound familiar to anyone?

I just pulled up the website Rentals and just selected courtyard villas and on the very first page they have two homes listed in Fenney. Apparently any restrictions aren't keep owners from listing. The only restriction I ever knew of was within the first year of ownership you could not resell your home for more then you paid plus the cost of upgrades. They didn't want flippers buying up homes and then competing against new sales, this rule is throughout TV.

Here's one in Fenney

https://www.villagershomes4rent.com/...lery/95414.jpg

Here is the main page, they have 1600 rentals, you can search all you want.

VH4R Home Rentals in The Villages Florida The VIllages Rentals

A direct answer to your question is some streets/neighborhoods in the newest areas do not allow rentals. It is part of their deed restrictions. The vast majority do allow rentals.

The last I heard down here in Fenney is that there are 2 streets that do not allow renting, one of them is Sweet Bay, don't know the other. As far as other villages maybe someone living in one with knowledge will reply. Fenney is the most populous of all villages and why there are 2 streets in that category is a mystery to me.

Lots of houses for rent down here.

Is there any possibility they could prohibit short term ARIBNB rentals by owners living in their house, while renting out rooms, in our neighborhood??

Can you tell us where he read this?

A family member bought between fenney way and sweetgum. We haven’t heard any such restriction. Let us know if one knows

There are no restrictions none , I rented my 2 winters in a row
 

It’s your home

We bought down in Monarch Grove, new and 2 of the homes in our neighborhood were bought up and immediately put on the rental market, so I highly doubt that’s true..

We live on Hinton Place in Fenney and cannot rent out our house.

I live in the area in Fenney that doesn't allow rentals. It's actually all of Section 12, which is about 120 homes, not just 2 streets. Sweet Bay Trail is in Section 12. We also have fences in our section. We are not Veranda homes as we have a full U-shaped yard.

We can sell within the first year, but half the profit goes to The Villages.

Fenny is not one of the new areas. Believe the new areas would be Chitty Chatty, Bradford, Hawkins, St Catherine, etc

According to our Lender in the contract we cannot rent our house. Maybe it has something to do with that.

Think the houses with golf cart garages cant rent. All others can

An over abundance of rentals can ruin a neighborhood. You have no neighbors, many rentals are NOT as well kept as you would care for your home. Different people in and out

ability to rent in newer areas?
 

Fenney was originally started by another developer and then acquired by The Villages. It's possible that the original area had deed restrictions on those homes.

I certainly hope so! Bringing someone you do not know well to live in your home is too dangerous, especially for seniors.

Rentals South of 44
 

Best way to determine what restrictions, if any on rentals is to read the dead restrictions for that section. Deed restrictions can be found on the county's website. You will need the village and section to know which one to look at. Here is the web address for Sumter County; VCDD Deed Compliance - Sumter County

You will need the district and the property identifier for example, VNH#80V034
VHN is villages house number 80 is the section in the CCD, this example is in district 13 section 80 go to the above link and you can pull the deed restrictions for any home in The Villages in Sumter County.

I didn't say you couldn't sell, I said you couldn't sell it for more than the price you paid plus upgrades. You can also include all closing costs which are a part of the purchase price, and the closing costs when selling since that reduces your net profit. Odds are, within 12 months of purchasing and reselling, you probably would see very little profit if any. I wouldn't worry about it and I don't think TV is worried about it. They are only concerned about a person who is a professional flipper coming in and buying and selling quickly.

I have not heard this before.

Typical residential mortgages are for owner occupied first and/or second homes. The mortgagor usually is required by the lender to sign some paperwork to the effect that the mortgagor agrees to occupy the dwelling and not to rent it out. If one rents out a mortgaged home it should be financed as a rental which is understandably usually at a little higher interest rate.

Now how would a mortgagee learn a mortgagor rents the house out? I don't know how well most lenders police their loans but that is a good question. If a house is owner occupied one normally gets a homeowner's insurance policy as required by the lender. If one rents the house out it should be insured as a rental. If it is the lender would receive a copy of the policy on a rental house, not on an owner occupied home.

Most people buying homes in The Villages who plan to rent them out for a while prior to eventually occupying them may just hope that their lender never checks and they do not have to deal with an insurance claim on their rented out house I guess... I really do not know. IMHO that is a chance I would not take.

Correct!
 

CORRECT! If you have a commercial mortgage, which is for an income producing property, ie, for renting, you can't live in/on the property. The interest rate difference is MORE than a little higher!

Its not that the mortgage company doesn't care, the issue is about the insurance of the property in case of an accident. If you have residential insurance, and are renting it out, and the house burns, or there is a liability claim, then the owner has a big problem, as in uncovered. Also, some residential insurance companies, like AMICA, won't cover a commercial property, and will put disclaimers all over your residential liability insurance that any events on the commercial property is not covered.

:shocked:

You are welcome
:ho:

It wasn't the Village of Fenney that was started, a developer was to build on the land that Fenney sits on but it never got off the ground. It's only a small percentage of the homes in Fenney that cannot be rented. In a way that's good as you don't have to worry about short term renters being in and out next to your home but you would lose some buyers, namely investors, because of that restriction when it comes time to sell. There was a small home for sale over there that took forever to sell and maybe never did, there are two more homes currently for sale there that have been on the market longer than most homes in Fenney but then others sell quickly. We had a summer home on Lake Erie in a complex that did not allow short term rentals and some of the owners got around it by telling their tenants to say they were friends being allowed to use the condo rather than being renters. They did get away with it.

no more rentals - this is not Disney, its a retirement community not a business

Leggett Lane in Fenney is one of the streets I know for sure are deed restricted (NO RENTALS whatsoever). This area is called Section 12 (and that’s not the CDD). I don’t know if Sweet Bay Trail is included. It was an experiment TV tried due to so many villagers north of SR 44 upset over rentals (particularly Airbnb’s). The homes were also the first tract of homes south of 44 with fences (and NOT called Veranda homes). I know this for sure because we owned a Jasmine on Leggett Lane. We just recently sold it and that restriction along with COVID cost us 5 months (on market) and about 30K less than we could have sold for elsewhere! We really wanted to rent the home seasonally, but knew someone would turn us in! As far as I know they have not done that deed restriction since.

There was another Thread regarding rentals in The Villages. Apparently there are some rental businesses in TV that are renting houses and Villas by the day or week. Of course, neighbors were not happy about the in and out of strangers in their neighborhood. All of this legal according to deed restrictions. Not “cool” IMHO.

I must confess, I bothers me when people call TV a retirement community. To me, "retirement community" congers up "heavens waiting room" visions.

This is a deed restricted 55+ community with an abundance of activities and amenities. That sounds much better. Plus, not everone who lives here is retired.

I’ve had 14 new homes or condos , 13 in Florida 1 in Arizona ( 5 of those in villages) I’ve rented them all in winter months and gone other places, Hawaii, Thailand Vietnam, my homes are kept up better then most and most of my renters were recommended to me . I think that many of the people who complain about renters are just envious,FYI over the years I’ve had 2 insurance claims , it was no problem at all

I doubt that anyone is envious of you and I don't know why they would be. The complaints are mostly about having different neighbors coming and going from the rental units and now homes being used for bed and breakfasts. I have only one rental unit and I keep it unfurnished for long term rentals only, one year or longer and the neighbors of that unit have no problem with it.

I don’t and by my opinion , people that are stuck here or so worried about there home if rented , don’t want other people to do it either . All you have to do is read all these posts or listen into some public conversations for a period of time to see how many hate to see other people doing things that they can’t or won’t

I think you are misinterpreting the replies here "how many hate to see other people doing things that they can't or won't do" I've never seen a post like that, maybe you can read between the lines but I sure don't see it. And again, no one is jealous of you no matter what you think.

I’m not reading between lines and I did not say jealous and didn’t make it just about me , maybe people need to read the post better and not between the lines and I would rather get my money in 3 months then wait a full year or longer for it

I only rent to those willing to prepay the entire amount up front. No risk and no waiting. Anyway we are both off topic.

Citizens First told us that we couldn’t rent our home. If after a few years we did we would have to notify them. At that time our interest rate would probably increase. We were told that someone got a mortgage & told them it wasn’t going to be a rental & immediately rented it out & their loan was canceled.

Well you would be the first person I know
 

any where I’ve lived and that quite a few places that gets the whole year upfront in a rental, congratulations you should have more then one your a financial genius

Correct, if you use the home for a rental than you are charged the commercial loan rate.

"any where I've lived and that quite a few places that gets the whole year upfront in a rental" WHAT???