RENT OR LEASE YOUR RETIREMENT HOME

Renting or Leasing Your Retirement Home

by Arlyn Lawrence WHO WOULDN’T WANT to own a home where the sun (almost always) shines? If you have the means, it should be a no-brainer, right? Not necessarily.

Though it may pencil out fine on paper, buying is not always the most economical or sensible option for securing a vacation or seasonal home, even if you do have the cash on hand. No matter how you look at it, buying a second home is an enormous financial commitment. You may have two simultaneous mortgages. You’ll have to pay for utilities, maintenance, and property taxes. On top of that, you’ll need to factor in the cost of insuring and furnishing the second property, not to mention decorating and everything necessary to live in it: sheets, towels, dishes, etc. That’s a lot of expense! With these factors in mind, sometimes it is better to rent or lease your seasonal home.

For whatever reason you may choose to lease a home (such as wanting to check out the area before committing to it), here are some things you’ll want to think about as you go about it:

1. GIVE YOURSELF TIME TO LOOK

THOROUGHLY

Avoid looking in peak season or deciding on short notice; try to start your researching and planning at least six months (but preferably a year) in advance of when you’d like to visit or move to your chosen location. Remember that vacation rentals—at least, the good ones—usually book up fast.

2. INVESTIGATE MULTIPLE SOURCES

It’s very important to consult a variety of sources when vacation-house hunting. Online local newspapers and Craigslist can be helpful (although watch for scams and make sure the owners you contact are who they say they are), as are websites that specialize in vacation rentals, such as AirBnb.com, VRBO.com, HomeAway.com, or VacationRentals.com. These sites provide details on rentals in all 50 states and numerous countries throughout the world. By shopping around, you can learn more about the area you are visiting, as well as possibly find yourself a better deal.

3. READ REVIEWS

Most online booking agencies will post reviews from past clients who stayed at the property. This will be one of the best ways to get a sense of the quality and integrity of the property and its owners, and to get extra information about the home and its surroundings.

4. READ YOUR CONTRACT CAREFULLY

In your excitement about your new vacation home, don’t skip this important step. Your rental contract outlines your payment schedule, and also your responsibilities and your liability in case of damages or if extra cleaning is needed, including:

• Security deposit • Utility bills • Internet • Phone service • Cable • Cleaning/housekeeping • Propane/gas – if outdoor barbecue is available

5. DOCUMENT EVERYTHING

The day you check in to your vacation rental, take a photo and/or video of the property and especially any existing damage. Before you check out, do a walk-through, preferably with the owner of the property, if possible. Again, take photos and/or video. If there is a discrepancy later on, this documentation may come in handy.

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Renting or leasing a home is a great way to get to know your new retirement or vacation community before, or instead of, actually buying a home there. With thorough and advanced planning, you can make your stay even more enjoyable and affordable!

JOIN US AT OUR OPEN HOUSES visit paulkaplanrealtor.com for the schedule We know you have questions and we have answers! We’d love to chat with you so please drop us a line. 760.459.1396

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