Owners or their heirs may want to rent their house in the future for any number of reasons.
- You’re empty nesters or single living in a large home without means to cover all your expenses
- You’re in senior housing, assisted living or a nursing home without sufficient long-term care insurance, retirement income or assets to pay your living expenses and medical bills
- Capital gains taxes are high and it doesn’t make financial sense to sell the family home right now
- You want to come back to your home someday
- Your heirs may not want to sell the house or long-term rent it because the earnings are much higher for STRs
- You want to maximize your investment by renting extra rooms in your house
Balanced, effective regulations that are easily-enforced provides a win for everyone. If owners, neighbors and guests are all responsible for protecting the rights of others then there is an opportunity for everyone to be better off.