Do you own furnished rental property - a vacation home or condo, an apartment (off site or part of your residence) or student housing? Are you already thinking about renting your house when Indianapolis hosts the Super Bowl? And if you aren't an Indiana resident, are there annual events that draw a large crowd which could encourage you to think about renting out your home for the duration? There are steps to take to ensure you're protected.I've researched a variety of websites and found these are the top things to consider:
- Research local laws to determine if you need a permit.
- Check with your local government to learn about additional taxes you might incur.
- Check with a local realtor to determine your rental rate - he or she will be able to guide you since they are familiar with the local market.
- Require a deposit. This ensures the renters are serious about renting from you, and also gives them the security that you will hold it for them.
- Hire an attorney to create a rental agreement. Make sure it includes rules regarding the number of people permitted,pets, smoking, cancellation deadlines, etc.
- Inventory your personal property before they arrive (or preferably right now).
- While taking the pictures, be sure to also include walls, floors, etc., to prove current condition of the furnishings as well as the structure.
- Remove valuables. Place them in a safety deposit box or leave them with a trusted friend or family member.
So, whether you own a vacation home that you rent to vacationers, or are planning on renting your home when the hotels will be over capacity - or the other instances mentioned at the beginning of this blog - be sure to document all of your personal property. Then keep it updated. Don't want to do it? Don't know where to begin? Know you won't keep it current? An inventory service provider will be happy to do it for you.
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