Renting Your Home to Others
In an age when Airbnb’s are all the rage, homeowners are renting out their properties more than ever before. Sure, this is a great opportunity to make some extra money on additional homes and properties you aren’t using year-round, but as with anything, you need to be prepared to expect the unexpected.
If you are considering renting out your home, keep the following considerations in mind before doing so.
- Draw up a rental agreement that defines the terms of the rental, including restrictions, liabilities and occupancy guidelines
- Ask for references from potential renters, especially those that will stay for a while
- Request a security deposit to be refunded if there is no damage to your home
- Contact Assurance Agency, Ltd. about your plan to rent out your home and ask about how this may affect your current coverage
- If you are renting for a long period of time, consider hiring a “property manager” to look out for your house while you are away
Protecting Your Personal Property
- Set aside a locked place in your home to store personal items such as clothing and valuables
- Take valuable items to a locked storage facility, a family member’s home or a bank vault
- Change alarm codes after you are done renting
- Provide keys to only one door of your residence so that you have to change only one lock after the renters leave
- Photograph and videotape all areas of your home before the rental takes place in case damage occurs while you are away
- Tell your neighbors that you are renting and ask that they watch over your home
- Have your mail forwarded or held until you return
- Provide your contact information for both the renters and your neighbors in case of an emergency
- Provide the renters with a list of service providers, such as plumbers and electricians, in case of a water leak or furnace failure
For more assistance on renting out your property, be sure to contact a member of the ‘A’ Team.
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- Protecting Your Home Away from Home
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