Ian Watt Vancouver Condo Real Estate Video Blog #757 - May 20, 2013
Vancouver Short Term Condo Rentals At the Mercy of Strata Bylaws
Ian Watt video blogs about how people who buy with the intention of renting their condos as a weekly or monthly or short term furnished rental should be mindful of strata bylaws and how stratas can can change the bylaws with very little notice. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright Ian Watt © All Rights Reserved 2013.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. There are two different ways you can go about a rental property most of people just get a one year lease and have it unfurnished and the rental can do whatever they want as far as furnishing the property. Some people know that they can get maybe double the money if they do a furnish rental or corporate rental where people come for one, two, three, four months at a time they might get the double the money but you have to put a bed, you have to put of course the linens and you have to put etc etc., a little bit of start up cost but the payoff can be huge. However keep this in mind and I don’t handle rentals whatsoever I’m not even licensed for. But here’s the deal a lot of stratas are cracking down on short term rentals. We’re seeing buildings put bylaws in that nobody can rent a property for less than six months or less than one year. So if that is your business plan to rent out a furnished rental be sure to know that day could come that they could change the bylaws and you can’t do it anymore. So be sure you read the bylaws going into the building and make sure you understand that in any time it could change. My name is Ian Watt and if you have any questions you can always email me at inawatt@ianwatt.ca. Thank you very much and have a great day!