Are you thinking about renting your home for President-elect Barack Obama’s inauguration? Ready to cash in on the big money coming to Washington, DC, the third week in January?
Here are several things to consider, however, if you want to rent your home for this special event.
- Are you going to charge a security deposit? If so, how much? Local jurisdictions limit the amount you can ask for, so know the law. Most limit you to one month’s rent.
- What about an upfront deposit to hold the reservation? Most hotels are charging 50 percent now, 25 percent close to the event, and the remaining 25 percent at the conclusion of the guest’s stay.
- Do you wish to provide auxiliary services (such as cleaning, meals, and travel) and will those services be included in the price or separate?
- Have you spoken to your insurance agent? You may need to buy a short-term policy to cover the event.
- Do you have a short-term lease document to execute? An attorney can draw up a document for you, or we at Brandon Green Companies can provide you with some of the necessary forms.
- Be aware of landlord/tenant laws where you live and consult with an attorney if you’re unsure.
- Understand the tax implications of the income and any loss sustained in the event of damage.
Brandon Green Companies can provide you with referrals to attorneys and certified public accountants should you have further questions. E-mail us at firstname.lastname@example.org or call us at 202-318-1623.E-mail this post