Even though it means your local area will be flooded with eager (and perhaps rowdy) tourists, if your home city is hosting the Super Bowl then you might be able to earn some extra cash from it.
The practice of renting out your home to avid sports fans has been going on for a few years, mostly starting with the 2008 game in Phoenix, AZ. Right before the Super Bowl hits a new city, advertisements start cropping up from companies that will rent your home out for you, promising lucrative incomes of up to $10,000 or more for renting out your home to a group of strangers. Sound interesting? Here are a few things to keep in mind to avoid running into problems: Check the Company with BBB To avoid getting scammed, it’s important to take time to thoroughly research any company before doing business. It’s especially important in this case, when you’ll potentially be inviting strangers to lodge in your home for a few days. Check the company out with the Better Business Bureau before agreeing to work with them. Be wary of companies that require you to pay a large sum upfront, for services such as “photos of your house for listing.” Research Local Laws on Temporary Renting Depending on where you live, renting your home out for the weekend may not even be a legal practice. Be sure to review all local laws before you sign up with any company or attempt to rent your home out on your own. Also, be sure to research sign codes before placing any “For Rent” signs in your yard or on local street corners. Get All Agreements in Writing During the entire process, don’t be overly trusting or gullible. If you use a professional company to rent your home out, get all agreements in writing. If you rent your home out on its own, write a detailed list of rules and instructions (including repercussions and fine amounts if a rule is broken) and have the renter sign it before their visit. Require a Damage Deposit This is crucial if you’re going to let strangers stay in your home unsupervised: require a damage deposit! Even if they seem like responsible people, you can’t predict what might happen when the alcohol starts flowing and the game gets rowdy. Hide Your Valuables Again, even if you trust your temporary tenants, you never know what might happen. The last thing you want is for your jewelry, electronics and other valuable possessions to go missing. Take time to hide (or bring with you) anything you don’t want potentially stolen. And, include a provision in your written agreement about penalties for stolen items.ten agreement about penalties for stolen items.
- License: Creative Commons image source
Katie Hawkes is a freelance blogger for RPM East Valley