Are you thinking about turning your condo into a short-term rental, perhaps nightly, 30 days or 6 months? Here are some things to consider:
1. Review your HOA covenants to see if there are any restrictions. Any restrictions on short-term rentals (STRs) must be in the covenants to be valid. Associations can enforce their STR restrictions by imposing fines.
2. Check to see if there are any city or county ordinances, requirements or restrictions pertaining to STRs. The City and County of Denver, for example, requires an owner to obtain a business license, lodgers tax ID, and to have their license number of all advertisements in order to offer a short-term rental.
3. Contact your insurance agent to see what type of insurance will be necessary.
Short-term rentals are increasing in Colorado, a sign that they aren’t going away anytime soon. If you have any questions, give me a call at 720.937.8039.