Health & Fitness
Purchasing a Second Home in Laguna Beach
Purchasing a second home can have it's benefits. It can be used for vacations, rental income, investment purposes or as a primary residence during retirement. You can deduct mortgage interest the same way you would for your primary home (up to $1.1 million). You can deduct property taxes on your second home as well.
Summer vacation rentals in Laguna Beach can easily run $4,000 per week and a home on the beach can rent upwards of $20,000 per week. Sounds like a pretty good investment, doesn't it. However, not all homes qualify for short term lodging. Short term is defined by a term of 30 days or less.
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To qualify for short term lodging the owner of the property must apply with the city of Laguna Beachfor a permit. Once the application is submitted, a public notice is mailed to the property owners within 300 feet of the subject property informing them of the proposed short term lodging unit and asking if they want to request a public hearing be held on the matter.
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In a small town like Laguna Beach, the citizens tend to be very vocal and chances are good that a public hearing will be requested. At that point a second notice will go out notifying property owners within 300 feet of the date and time of the meeting. At the public hearing, all public comments will be heard by the Director of the Community Development Department. The Director will then make an administrative decision. This decision can be appealed to the city council.
As a Laguna Beach Realtor and homeowner I've attended these meetings and they tend to be quite lively. The obvious concerns for neighbors for disallowing a rental unit are extra noise, parties, trash and parking. It can be difficult to obtain a permit and often the best way is to purchase a home that has already successfully made it through the process.
Owning a second home, if it's financially feasible, can be an excellent investment for vacation or rental purposes. Just be sure to check with the city and follow the local guidelines.
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