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Renting your home for the Olympics

With less than a year until the Olympics everyone is wondering how they can capitalize on not only the Games

With less than a year until the Olympics everyone is wondering how they can capitalize on not only the Games, but all the tens of thousands of visitors who will be flocking into Vancouver in 2010. Renting your home is one of the best ways to go.

With a definite lack of hotels and short term rentals in Vancouver, renting your home will not only bring you extra cash but can help provide much needed space to those who want to check out all the sites and sounds of our city during the Olympics.

If you are already a renter, it will be important to check your lease to see if subletting either the entire unit or even just a room is allowed under the terms of your contract. The last thing you need is for your landlord to wreak havoc with your tenant. If you are in a condo, ensure that you do not have rental restrictions preventing the rental of the unit. Many strata councils will require notice of who is occupying the suite so that in an emergency, they know who to contact, and how to get in touch with you, the home owner. Your property management company can provide you the appropriate forms to fill out.

Finding the right insurance is another important task to consider.

Most homeowners insurance and rental insurance do not cover tenants or sublets respectively. Depending on what type of rental you are providing you may require additional insurance to help protect you from damage or theft caused by your tenant.

Next, it is important to make sure that you are aware of all the tax and rental laws in Vancouver. Depending on the number of spaces you are renting and the length of time you are renting for, you may be required to pay hotel taxes etc. Checking websites like the City of Vancouver or the BBB can help ensure that you conform to all the necessary laws and do not get slapped with a fine.

Finally, one of the easiest ways to find that perfect renter is to use a property management company, which has people who are trained to screen tenants and take care of any problems they may encounter during their stay. For a small fee you can save yourself the hassle and enjoy your time off while making a pretty profit.

– Ryan DeLuca is a realtor with Sotheby’s International Realty Canada, and host of The Real Estate Minute on Novus TV; rdeluca@sothebysrealty.ca.

 
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