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If you live in a destination city for a major sporting event, you may be wondering how the influx of tourists will affect your daily life. You may also be wondering whether there's any way you can profit from this event while avoiding the crowds yourself. If you'd rather not stick around for the hubbub and are willing to open your home to excited sports fans, you may want to consider putting your house into rental service for the duration of the event. Read on to learn more about how these types of lease arrangements are structured, as well as some factors you may want to consider if pursuing this option.
What types of homes are eligible for a temporary lease?
You don't need to have a palatial property in order to lease your home for a sporting event -- most spectators are just interested in a place to sleep, watch television, and perhaps cook dinner or breakfast. However, the size and location of your home will impact the price you're able to fetch. Factors like off-street parking (or secure garage parking), a larger number of bedrooms and bathrooms, and close proximity of your home to the sporting event (or transportation to the sporting event) will increase its value as a rental.
If you'd like to rent out your home for the week of the event, your first task should be to check your state and city laws governing temporary rentals. Some jurisdictions may prohibit this, or have specific requirements you'll need to fulfill (like obtaining a rental permit) before you're legally permitted to rent out your home. You may also want to carefully look over your mortgage documents to ensure that there aren't any clauses that could accelerate your mortgage if you use your home as a rental without notifying your lender.
What will you need to do to pursue this option?
Once you've determined that it's legal for you to rent out your home temporarily, your best bet is to contact a commercial leasing company, such as Sunworld Group Inc. Although you can price and market your property yourself without paying any third-party management fees, these leasing companies have significantly more experience and market exposure at their disposal, and are generally able to better screen and select your tenants. When you utilize a third-party leasing company rather than directly renting to your tenants, your only interactions will be with this leasing company -- you'll likely never even meet your tenants.
The leasing company will ask you a number of questions about your home and may require you to supply photographs they can use to market your home to potential renters. When it comes to pricing, you may have a bit of room for negotiation -- however, it's unlikely you'll be able to talk the leasing company into asking either substantially more or substantially less than the rate they charge for similar properties. The leasing company will keep a portion of this rent to help cover their costs incurred in marketing the property, screening renters, executing the lease agreement, and collecting payment.
You'll also need to talk to your insurance agent. Because even the most staid renters may inadvertently damage your home or belongings, you'll want to ensure that your homeowner's insurance policy covers rental use. If this policy does not cover rental claims, you may be able to purchase a low-cost rider or temporary insurance policy that will help you pay for any needed repairs.
Finally, you'll want to clean and stage your home. Any sensitive items -- like personal or financial papers, valuables, guns, narcotic medications, or other items you don't want guests or tenants pawing through -- should go in a safe. If you don't have a safe, or if all the objects you'd like to keep in it won't fit, you may want to purchase a keyed door lock and deadbolt so that you can securely keep these items in a spare room.
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