Looking for an apartment in Boston for your new job? Or looking to relocate to a new place? Thinking of moving when your lease is up? If you have said yes to any of these questions, we are here to help! If you have rented before in Boston you know that the market is extremely competitive, especially if your looking for rentals beginning [...]
The offer on your new home was accepted, your inspection went smoothly, the purchase and sale agreement has been signed, and now you are just waiting for your mortgage commitment letter. You are almost done, but don’t go shopping for that new furniture set just [...]
Ever wonder what it is like to own your own parking space in Boston? Just finding parking alone is time consuming, stressful and can often take a good amount of change out of your pocket if you are renting one daily. Beat the weather, save time/money and please check out some of the open parking spaces within Back Bay, South End and Beacon [...]
A Look into Boston's Condominium Sales Market
It's safe to say that Boston's real estate has been on a hot streak. With 2018 at a close, Boston condominium sales have set even higher records than ever before. The Seaport took the lead in 2018 as the most expensive neighborhood, with the highest average sale price. Back Bay and South End [...]
Jamaica Plain | 96 Seaverns St. #PH | 2 BR 1.5 B | $2,995 *Reduced Price*
Sumner Hill neighborhood, in Jamaica plain. Two bedroom plus study, one and a half bath penthouse. Steps to Green Street T, and all the shops, cafés, and restaurants on Centre Street, this sun splashed home doesn’t disappoint. Central air conditioning and heat, [...]
Gov. Baker of Massachusetts signed into law a bill regulating and taxing any kind of "short-term rental" (that is, any rental for 31 days or less). There is an exemption for properties that are leased out for 14 days or less per calendar year, but this law is expected to have a substantial impact on owners that rent vacation homes and utilize services such as Airbnb and VRBO.
This new law takes effect on July 1, 2019. Hosts are obligated to register with the State and their local municipality, carry $1 million in liability insurance per unit, and possibly be subjected to inspections that will vary from city to town. Additionally, short-term rentals will be subject to new taxes and fees, including, but not limited to, a state tax of 5.7%, local taxes up to 6% (Boston can levy up to 6.5%; Cape Cod and Islands can levy up to 8.75%) and "community impact fees" of up to 3% may be levied locally on professionally managed properties (owners of 2 or more units in one town).
It will be interesting to see what impact this will have on tourism and business travelers, particularly if cities and towns decide to max out the allowable fees and taxes.
See additional details at marealtor.com/ShortTermRentals.
Disclaimer: This article should not be construed as legal or tax advice. If you own, operate or are considering owning or operating a short-term rental property, we recommend that you seek guidance from a lawyer and/or tax professional.