Sunday Mornings with Rania: Renting Out Your Home For Super Bowl
Whether or not a team you like will make it into the Super Bowl, there is an increased excitement surrounding the event, especially for us Houstonians. Many have been wondering if there’s an opportunity to cash in by renting a room in their home – or their entire home – to out-of-town fans here for the big game. Actually, with the number of hotel rooms already booked, the desire for rentable homes is on the rise. If you’re considering renting out your home, here’s what you need to ask yourself now:
How would you price your house?
- Prices go up the closer you are to the stadium. According to agents, homes in the Inner Loop, the Heights, Montrose and even the east side of downtown will get the most per night.
- Does a stay in your house include amenities (gym, pool, chef or more)?
- Will you use a third-party agency like Airbnb? If so, what types of rates do they take out of your rental?
- Will you list with an agent or through a company like Craigslist? Beware of the latter – you never know who will be interested in your home. Remember, a licensed realtor is always the best route. It allows you to collect a security deposit and may come with an insurance policy.
What type of agreement will you draft and how will you execute it?
If you are trying to do this on your own, do you know how to build in securities for your home? What damages can you collect? What limitations are you facing? Is there a limit to how many people can stay in the home? What about parties in the house? Is there a pool? What about liabilities that stem from injuries in or around your property? Will you be indemnified? Can you be? What court of law will govern in the case of a dispute?
Does your Home Owners Association (HOA) prohibit you from renting your home? Usually the answer is yes.
- Beware! Recently, a San Antonio court of appeals ruled in favor of a HOA that sued a homeowner who had rented his home on several short-term leases. The deed prohibited anything but residential use of the home.
- Short-term leases are considered violations of the “residential use provision” and are more akin to business use (like a hotel) which is prohibited.
- HOAs can go to the court to get an injunction and in effect, stop you from renting your home in a short-term lease.
If you’re in a townhouse or apartment, find out – are you allowed to sublet your property? It will depend on whether or not you own or rent, what the rules are for the community in which you live as well as what your insurance says.
Speaking of insurance, is renting your home or room covered by your insurance company? This will depend on your specific policy so please check with your carrier. The last thing you want to deal with are damages or injuries that occurred on your property that fall outside the parameters of your insurance coverage.
What an exciting time this is! We are all thrilled that Houston will be this year’s Super Bowl host city. From plans to potentially rent your home to going out and enjoying the hustle and bustle of the city with Super Bowl excitement, please think carefully and cautiously to stay safe through it all.
Read more on renting out your home for Super Bowl in Mi Casa Es Su Casa by Tracy L. Barnett.
Posted byon 22 Jan 2017
About the author
Executive Director of Crime Stoppers of Houston