With the rise of services like Airbnb, you may be considering renting out your home for extra income while you’re away for an extended period of time. Though this seems like an ideal solution for families with extra room to spare, it can create issues for those who don’t properly prepare.
To get the most out of renting out your home, keep in mind the following:
- Review the terms of your insurance policy closely and talk with your insurance broker about renting out your home.
- Draw up a rental agreement that defines the terms of the rental, including restrictions, liabilities, and occupancy guidelines.
- Request a security deposit. Explain that this deposit will be refunded if there is no damage to your home.
- Set aside a secure place in your home to store personal items, such as clothing and valuables.
- Take pictures of all areas of your home before the rental takes place in case damage occurs while you are away.
If you uncover any red flags while checking references, do not agree to rent your home. Your first priority should be to protect yourself and your property.
Keeping up with seasonal repairs upkeep not only shows pride of ownership, but can reduce the risk of costly and preventable home expenses. Prepare your home for the summer with the following considerations.
- Check all window and door locks to make sure they are secure. Open and close them, and apply lubricant when they are hard to open.
- Inspect your roof and gutters, clean out gutter debris and check shingle integrity.
- Inspect your home’s foundation, sealing cracks, and leveling yard depressions with compacted soil.
- Check wooden structures, such as decks and steps, for rotting, loose wood, or exposed nails.
- Hire a qualified heating, ventilation, and air conditioning (HVAC) contractor to tune up your air conditioning unit.
- Examine electrical outlets and cords for potential fire hazards, such as frayed wires.
- Examine your garage door to ensure that it is in proper working order.
- Declutter by reviewing the contents of your garage. Donate or dispose of items you no longer use or need.
Driveways and Walkways
- Inspect your pavement for cracks and holes, and remedy them. This can go a long way in preventing accident slips, trips, and falls.
These tips are brought to you by Scrivens Insurance and Investment Solutions.