Coventry, RI · Member since 2018 · 73 posts · 39 votes
Hello All,
I'm wondering if there are any VT investors around specifically for short term rentals.
This has me concerned and wondering. Specifically the very last section about no one being able to offer a short term rental unless they live at the property over 270 days a year.
I vacation to ski in VT all the time (not so much this year) and have been considering buying a vacation home there. I love the community feel and supporting the small shops and businesses where I go. Unfortunately part of being able to afford a vacation home would involve renting it out in the summer to offset the cost. If that's not a possibility I may have to rethink entirely. Thoughts?
Rental Property Investor · Burlington, VT · Member since 2020 · 48 posts · 26 votes
5y
@Nicholas Bolcon Very true about passing these type of laws at the local vs state level. However it is interesting that this bill is being introduced by members from very different areas of the state (Burlington, Brattleboro and Londonderry) which may be in an effort to build, "state wide" support.
I am also now turned around by that last line. I initially read it as it only applying to first year, then afterward you could start STR. However now I read that 70% as the ENTIRE length of ownership, not per year. I may reach out to my rep for clarification as well.
Woodstock has some of the most restrictive regulations on STRs in VT. The ski towns are far more accommodating, but be aware of restrictions adopted by some home owner's associations - there are many condo complexes that only allow STRs through HOA-approved rental agencies.
Hi Kyle,
Do you know any restriction for STR's in the West dover east dover area? I tried to get in touch with the town but haven't received a reply yet. I'm under contract with a property in east dover.
New City, NY · Member since 2021 · 19 posts · 4 votes
4y
Like many others in this post, I too have been eyeing buying a property in VT to use mainly as a STR, but also for personal use. I read on VTSTRA https://vtstra.org/faqs that the h.200 bill is still a possibility for the 2022 legislative session. Hey @Kathleen James, do you know when the next legislative session is? Do you think this proposal will be a constant threat until it passes?
@Miguel Santos how did the property work out for you in East Dover? I'm also looking at property around Mt. Snow.
Rental Property Investor · Burlington, VT · Member since 2020 · 48 posts · 26 votes
4y
@John Tobin As a VT resident who has been following this in Burlington and throughout the state, personally, yes I think it will continue to come up The ski towns in southern VT are suffering a significant housing crunch for locals in the area as well as with ski mountain staff with no great solution in sight. I haven't heard anything specific about it coming up this session, however the housing shortage has no simple solution so I think it will continue to be a potential risk factor worth considering prior to investing as exit strategies could be limited. Will limiting STR solve the housing shortage? No. Will lawmakers still look to target it. yes.
Like many others in this post, I too have been eyeing buying a property in VT to use mainly as a STR, but also for personal use. I read on VTSTRA https://vtstra.org/faqs that the h.200 bill is still a possibility for the 2022 legislative session. Hey @Kathleen James, do you know when the next legislative session is? Do you think this proposal will be a constant threat until it passes?
@Miguel Santos how did the property work out for you in East Dover? I'm also looking at property around Mt. Snow.
Hi John,
I closed on my property December 31st and went live on Airbnb and VRBO 3 weeks after. It's been booked ever weekend and a good number of weekday bookings until this weekend coming up. Mud season started so this will probably have the slow season. I have no summer and fall experience yet but have low expectations. We are just happy we're able to use it while getting some rental income. I have another off market property by Lake Willoughby under contract right now. Looking for more summer bookings there but found out that its a big snow mobile place in the winter time due to being close to the VAST and VASA trails.
Real Estate Agent · Waterbury, VT · Member since 2018 · 151 posts · 65 votes
4y
@John Tobin I expect this will keep coming up until something passes. Not sure it'll continue to be this restrictive, but I can't see the threat totally going away. You can take comfort in what @Kathleen James posted about grandfathering. Honestly, I don't see this as any different than any investment--know that you have multiple exit strategies and don't go in without a good one. If you can make it a full time rental or flip it etc, then you have your bases covered.
New City, NY · Member since 2021 · 19 posts · 4 votes
4y
@Patrick Giblin thanks for you input, that housing crunch can be felt throughout the country even in non investor areas. I live in a suburb of NYC and for the past 2 years folks have been relocating out of the city and pushing housing prices higher and higher in the suburbs.
@Miguel Santoscongrats on your first property and its initial success and good luck on your second.
@Martha Nowlanyea that makes sense, it probably will always be a possibility. I have seen it first hand: In my town there was a shooting incident at an Airbnb and a month later the town permanently banned all STR's in the area. Its unfortunate that one random act can completely change the law and negatively impact all other STR investors who had nothing to do with the incident.
Stowe, VT · Member since 2020 · 56 posts · 30 votes
2y
Thanks for the reminder to update!
The bill did not pass, and everything that I have heard is that there are no plans for any changes on a state level at this time. The best bet is to follow the Vermont Short Term Rental Alliance website for updates on town ordinances.
y'all, please all feel free to connect with me here and I can make sure I keep you in the loop!
Hey Joani, I'm sorry that I'm just seeing this now! Stowe's market is still wild, with very little inventory and cash buyers taking advantage of the mortgage rates that have been slowing down the buyers with loans.
There are still some great properties to be found, however and a lot of great lenders with products like a rate rebound, where you can get your loan refunanced through your original lender for a discounted rate when rates drop again.