Are you considering purchasing a Sedona Vacation Rental Property? There are some important things you need to know before you purchase...
Are Vacation Rentals allowed? Can you operate a vacation rental out of your property? You need to investigate before you purchase. Double check the HOA rules and regulations and the CC&R’s codes covenants and restrictions that govern the property. Be sure before you make that investment that is permissible to have a vacation rental on the property.
Get Business License. You need to purchase a business license from the City of Sedona this is required for any business and running a vacation rental is considered a business.
Pay Taxes. You need obtain a transaction privilege tax license from the Arizona Department of Revenue and submit and pay sales tax and transient occupancy tax or bed tax. This can vary by county and you will need to know which county your rental property resides. FYI Sedona sits in the middle of 2 counties!
Vacation rental properties can be a good investment. A Sedona Arizona vacation rental property can be a fantastic investment but you need to go into your purchase informed! As of October 31st the City of Sedona will be enforcing compliance for licenses. If you are found in violation you could face fees, fines and penalties as well as possibly a misdemeanor charge through the City of Sedona! We want you to go in with eyes wide open and have a great understanding of what is involved if you plan to purchase a vacation rental home in Sedona Arizona.