Rent Your Home for the Super Bowl for $10,000?
Super Bowl XLVI is right around the corner and everywhere you look there is some sort of Super Bowl story or advertisement. A particularly interesting sign spotted around town claims that you can earn up to $10,000 per day by renting out your home for the Super Bowl. While earning $10,000 per day may be a bit far-fetched, renting out your property to earn some extra cash is not.
According to the Super Bowl Host Committee, the Super Bowl is expected to bring an estimated 100,000 to 150,000 visitors to town during the ten days that lead up to the big event. There are about 13,800 hotels in the area, but the majority have been booked solid for months! This means many football fans will turn to rental property, which will offer visitors more space, privacy, and the coziness of an actual house.
If you plan on renting out your home during the Super Bowl, do your research. Take appropriate steps to protect yourself and your home before deciding if renting your home is worth the risk and extra money. Below is a non-exclusive list of tips to consider before renting out property for the Super Bowl.
- Draft a written rental agreement and have an attorney review the agreement before it is signed.
- Contact your home insurer to add proper and comprehensive liability insurance for the rental period in case of a problem — like your tenant falling and hurting him or herself — or damage to your home. Do you really want that loose floorboard to create a financial nightmare?
- Furthermore, for those of you who already have home insurance, contact your provider to make sure renting out your home is within your policy’s limits. Insurance providers may consider a Super Bowl lease a type of business pursuit that is otherwise uncovered. Remember: it’s better to be safe than sorry, so do call your insurance company.
- Seek full payment ahead of time. This is to ensure that the renter does not skip out on rent. You could also do a credit check on the renter to evaluate the renter’s ability to pay and how responsible they are.
- Also, get a security deposit from the renter. Simply stated, there is no way to tell what will go on in the home during the rental period. The renter could completely trash the property or take everything out of the home if it is furnished. If you do collect a security deposit, however, be aware that Indiana sets out a detailed list of procedures to follow for deducting damages, returning the balance to your tenant, etc. Consulting an attorney familiar with landlord/tenant law will ensure you avoid legal pitfalls.
- If there is a homeowners association, check to ensure that there are not any regulations on renting homes short term. On that note, double-check your mortgage paperwork to be certain renting out your home is permissible with your lender.
- Take a video or photos of the property before renting it out. This provides proof of the condition of the property before the rental period in case there is a dispute as to whether the renter damaged the property during the rental period.
- Consider how the renters will affect neighbors. Will the renters have out of control parties? If so, neighbors likely won’t be happy with you.
- Proceed with caution when a company seeks money to list your house on a website for rental. There is no guarantee the company will find a suitable renter or that the company is not a scam to begin with.
- This list is not exhaustive and you should always seek legal advice from a licensed attorney before you rent out your property. Your home is your unique castle; only after consulting with an attorney should you feel secure that your individual concerns have been addressed.