I recently purchased a Condo in Summit County, CO as a primary residence. After purchasing the Condo, my Fiancé and I decided to keep our Denver rental and split our time living in Summit County for a little more than half of the year.
Am I able to rent my Condo out on Air Bnb for the 40% of the year that I will not be living there? Fannie/Freddie guidance on what constitutes a primary residence is the "majority" of the year owner occupied which will be the case. This seems like a grey area and I have gotten mixed guidance on how to proceed. Any advice on the subject is appreciated!
Insurance Agent · Pittsburgh, PA · Member since 2020 · 54 posts · 22 votes
5y
@Zack Friedenberg I can't speak to the full time residency issue, but will tell you that you should contact your current insurance carrier for the condo if you are going to start renting it out on a short term basis. A lot of carriers are not okay with STR's yet. If your carrier is not okay with you renting it out on a short term basis you will need to find coverage elsewhere. Best of luck
Real Estate Agent · Portland, OR · Member since 2016 · 1k+ posts · 605 votes
5y
Hey @Zack Friedenberg, the requirements say that you need to make your property your primary residence for at least a year. After that, you can do whatever you'd like. If you are still within the first 12 months of the loan, you would want to make that your primary residence. I know for tax purposes, a primary residence is wherever you live for 180 days or more. I'm guessing Fannie/Freddy have the same guidelines.
I don't see why you won't be able to rent it out on Airbnb in the eyes of Fannie/Freddy. Just make sure you check with Summit County, the town, and your HOA as well.
Thanks, @Brad Hammond! We will live in the property for more than 180 days. Are you saying that as long as it is ok with the HOA, the town, and Summit County I should be ok renting it out the days we will not be there?
Insurance Agent · Pittsburgh, PA · Member since 2020 · 54 posts · 22 votes
5y
@Zack Friedenberg I can't speak to the full time residency issue, but will tell you that you should contact your current insurance carrier for the condo if you are going to start renting it out on a short term basis. A lot of carriers are not okay with STR's yet. If your carrier is not okay with you renting it out on a short term basis you will need to find coverage elsewhere. Best of luck