Vacation home rentals
Homeowners are increasingly tapping into the vacation rental market to earn an income, but often are unaware of the pitfalls in renting out their suites to vacationers.
Here are some rental tips for owners:
-Get the right insurance. Insurance for your vacation rental property is essential to avoiding future headaches. You may want to ask other homeowners in your area who and what type of insurance plan they have to cover their homes. Consider options that include the following: fire insurance (extended coverage on buildings and contents); liability insurance (depending on type of business); and burglary protection (theft coverage).
-Be careful when advertising. Many vacation rentals have turned to the internet to attract vacation renters through online listings. However, there are some websites that can be scams.
-Check your local laws and taxes. Before considering renting your home as a vacation rental be aware of both provincial and local restrictions. Contact your local tax office or Chamber of Commerce for up-to-date information including BC rental tax laws.
-Licensing may be required. If you are planning on providing services outside of your own home rental, you may require additional licensing for areas such as property management and acting as a travel agent.
-Do your homework when renovating. If you are converting part of your home into a suite, you may need to have a private bathroom installed, or additions made to your home. This may require a building permit in some cases. In addition, check with the BBB before hiring a contractor to do the work.
-Licensing may be required. If you are planning on providing services outside of your own home rental, you may require additional licensing for areas such as property management and acting as a travel agent.
-Do your homework when renovating. If you are converting part of your home into a suite, you may need to have a private bathroom installed, or additions made to your home. This may require a building permit in some cases. In addition, check with the BBB before hiring a contractor to do the work.
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