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Wally Reule: 928.301.5943
Arizona's new short term rental laws which took effect in January of this year have made a big impact on Sedona Real Estate.
According to a report from the Arizona Daily Sun, the state’s new laws stipulate that cities, towns, and counties cannot put any restrictions on short-term rentals “simply because the property is not classified as a hotel.”
Here’s more from the Arizona Daily Sun article:
In signing the measure earlier this year, Gov. Doug Ducey said the legislation provides "financial breathing room'' for families by allowing them to earn something extra.
The law, however, covers more than those renting out a bedroom — or even their whole home.
There is no limit to the number of properties an investor can buy and days a home could be rented out, all in the same area, potentially turning a neighborhood into a vacation rental zone. But the governor at the signing ceremony brushed aside questions of whether that could change an area's character.
While the law has affected many renters in the area, we have seen more and more investors looking throughout Sedona and the Verde Valley.
Is purchasing a rental home a good idea?
Click here to learn the Pro's & Con's of purchasing a Second Vacation Home.
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