We all understand the value of preparing for hurricane season, but what about tourist season?
In the last post, we talked about the need for a license if you intend to rent your property out on short term intervals.
Now that you know whether you need a license to rent out your second home or condo, have you considered the benefits of using a written rental agreement?
Sure, it’s convenient and friendly to allow a stranger on VRBO to rent your property and only require that he or she pay a modest security deposit up front. In a perfect world, the renter would pay rent, not damage the property, follow all of the rules, and this arrangement would work out wonderfully every time.
Benefits of a Written Rental Agreement
However, as we all know, everything doesn’t always go ideally. Often times, a little bit of planning will save you a lot of time and money when things go a little bit less than perfectly.
A written rental agreement is the first step in the planning process. Do you have one?
Does it address what happens when a hurricane prevents your renter from being able to use the home or condo? What about when the renter violates your house rules? How about all of the other things that could happen?
Sites like VRBO make finding renters easy, but they don’t help you with the details. They don’t address the above contingencies nor do they ensure you are complying with state and local laws.
If you feel like you might be unprepared to rent your property, consider contacting Henderson Franklin’s Real Estate Attorneys to help you prepare for this upcoming tourist season at 239-344-1100.