Wednesday, April 20, 2016

Before you rent your home on AIBNB or are going to do it your self . Are you properly insured? and even permitted where you want to do it ?

Yes the US Open is coming to Oakmont and everywhere you see adds to rent homes to those coming to see the event. Great a little extra money in the pocket rent your home out while you are on vacation.

But it could turn into a major nightmare and you could end up losing your home and or facing major fines and court hassles if you do not do it properly.

Problem 1#  does your community's zoning allow you to do it ?
after all you are operating a business .If it is not allowed you are in violation and the fine is much more than you will make with that rental.  You may well have to have a zoning and appeals  hearing before you can do so.

Problem 2# You are operating a business ,this means filing appropriate local business license forms and paying of local taxes. This also includes any state taxes and license you require

Problem 3#  Insurance  Are you properly covered? you are operating a business in the home most  home owner policy's do not cover this and require additional coverage  for acts  of person renting such as causing damage and theft  and protection for you should a person get hurt while renting .

Problem 4#  It turns  out that innocent couple you rented your home to for the weekend  might well be using your home to film an adult sex movie . Yes it has and does happen  and in many cases this is a criminal act or what if the couple staying decides to light up some funny stuff or do drugs  in some states you could loose your home and have it seized for criminal acts being committed.  Know who you are renting to they checked you out you need to check them out before renting.

Problem 5# It also turns out that couple you rented the home to has decided to hold a wild  party for friends while they rent and your away
Does your contracts have provisions about this ? better yet is some one around to check property while you are away?

Yes this is just some of the many issues that need looked into before you decide to rent your home
do your home work and have a good time or be ready to deal with the consequences.