? about renting your house

[wdwmaw]

The Alltech FEI World Equestrian Games will be coming within 10 miles of our home next year. We understand that this is a very special event in the horse industry. We have already booked bounceback during these dates, end of Sept- first week of Oct. We are seriously considering renting our home during our trip to Disney. Homes like ours within 10 miles of the event are renting from $500-$800 per day with a 7 day minimum. There is a real estate company that is listing the homes and we have been looking at the site.

My question is has anyone ever rented their home like this. I would love to hear your experiences or some insite on renting out your house while your on vacation. Thank you for any help.

 

[Pumbaa_]

I don't know anything about renting out, but wow! That would pay for a very lovely Disney trip!

 

[wdwmaw]

That is what we were thinking and even after we kept out for taxes. We were also thinking how clean our house would get to prepare for this. Our fall break falls during this time frame so our DD would only have to miss a few days of school for a very nice stay at Disney.

 

[clarabelle]

I have never rented out my house but...
I know tons of people that have. I live where there is a Major sporting event every year.

Houses with beds (not bunks or cribs) in every bedroom rent better.
You don't have to completely clean out every closet -you may want to buy clothing racks and just park them in front of your closet.

Many people buy new linens -linens are usually included. Also some kind of housekeeping is usually included as well.

Money you earn is tax free.

Your local government may be able to help you. Our chamber of commerce offers assistance with rentals.

I think some people rent without a brokerage company- I guess you would need a rental agreement with some kind of damage clause.

I hope this helps a little

 

[TiffanyK]

We've toyed with the idea of renting our house during that event too. I haven't checked to see if homes are really being booked now that the ticket sales have started. Do you know?

I have thought that we would want to box up any personal items and everything from the dressers and maybe closets too. I'd want to purchase new sheets/blankets for the beds. I think I'd also want to box up personal photos. And I wonder about having the locks re-keyed after renting. And I think I'd want to have it professionally cleaned before we returned.

So, there would be some amount of cost to us, plus the work involved. But it could be worth it for that much money.

 

[CajunDixie]

I think the tax free deal would vary state by state. Anyone we pay more than $600 in a year gets a 1099.

I had a friend that would rent his place out to a large company's executives for the Sturgis Bike week. He would pack up a few of his collectibles and other items and store them in his friends storage rental place. He'd be there to greet them and show them around then he'd take a vacation. After having the same group of guys year after year he'd just leave the keys for them in a hidden spot and leave whenever was convenient to him.

 

[allyphoe]

Money you earn is tax free.

So long as the total number of days the house is rented during the year is 14 days or fewer.

 

[clarabelle]

I am fairly certain (I looked it up) that if you rent your home (your main dwelling that you live in) for less than 14 days a year -you do NOT have to pay Federal income taxes on it. Nor can you claim any expenses for deduction.

Loads of people around here rent -so it is a much discussed topic.

 

[clarabelle]

Sorry Allyphoe -I think you posted while I was writing my post -I wasn't trying to ignore yours

 

[Cheshire Figment]

I used to have a tax client who lived in Annapolis. Every year she would rent out her house for Graduation Week at the Naval Academy for a few thousand dollars. Since it was for less than 14 days per year she did not have to report the income on her taxes.

She dealt with a company that handled the details; she had to leave the house in immaculate condition, with fresh flowers, etc. They did all the contracting, etc. Of course the renters were tied to a particular graduate, and they knew that damage to the house could reflect unfavorably on a new officer.

 

[wdwmaw]

We've toyed with the idea of renting our house during that event too. I haven't checked to see if homes are really being booked now that the ticket sales have started. Do you know?

I have thought that we would want to box up any personal items and everything from the dressers and maybe closets too. I'd want to purchase new sheets/blankets for the beds. I think I'd also want to box up personal photos. And I wonder about having the locks re-keyed after renting. And I think I'd want to have it professionally cleaned before we returned.

So, there would be some amount of cost to us, plus the work involved. But it could be worth it for that much money.

I don't know of anyone that has actually rented but I know a lady through school and her husband is in insurance and he has already written a few policies for some of the bigger homes and farms here. Our home is going on 13 years so we are already in the process of updating and major cleaning. We thought renting would pay for most of this. We don't have alot of things so that would not be a problem.We could put personal things in the garage and just lock that off. Our son would be in college here so he would be 15 min. away to check on things. We also thought of just locking up the closets and just buying metal racks to sit in front of the closet doors. We also said we would re-key when we returned. We would buy very nice mattress covers to protect those. Our kids are bigger so we don't have "kids" rooms, lots of the pictures show "kids" rooms with little kiddy beds. I have tried to think of condos we have rented that actually belong to people and how they have done things. Another thing I would be willing to do is have them fax me a grocery list and I would have the kitchen full when they arrive.

Thanks everyone for the responses, I love the dis for all the different points of view and this is why we asked here before we called the real estate office.

 

[wdwmaw]

I am fairly certain (I looked it up) that if you rent your home (your main dwelling that you live in) for less than 14 days a year -you do NOT have to pay Federal income taxes on it. Nor can you claim any expenses for deduction.

Loads of people around here rent -so it is a much discussed topic.

Now that makes the idea of renting even sweeter

 

[Floridagal23]

Check with your HOA (if you have one) to make sure this is allowed. It wasn't allowed in DC for the inauguration and i lived right by the parade area. We had a strict no rental rule - it had to do with letting strangers into the community.

 

[lisabarr]

I remember when the super bowl was here this year and there were signs all over the place promising huge money for renting out your house. The local news did a story on it and found most of the companies were scams that charged you for putting your home on their web site and your home never rented.
Most of the homes that did rent were very high end, on the water or within walking distance of the stadium.
Good luck but be wary.

 

[RachaelA]

We're going down for a weekend to watch some of the events for the World Cup. Hotel prices are craaaazy.

Now to answer your real question. I have no idea. I am jealous that you live so close to the horse park. We go to Rolex almost every year.

 

[chanson2]

When the winter olympics were in Salt Lake City, my family rented a house for 4 days. It was great! We rented through the official olympic planning site - does the equestrian event have something like that? You might want to contact them - it seems like it would cut down on scams to both you and the potential renters.

 

[wdwmaw]

When the winter olympics were in Salt Lake City, my family rented a house for 4 days. It was great! We rented through the official olympic planning site - does the equestrian event have something like that? You might want to contact them - it seems like it would cut down on scams to both you and the potential renters.

There is an official site that we are looking at contacting. We hear of tons of people wanting to rent they just can't get the time off work to pull it off. We have been looking at the site and there isn't that many houses listed as close as we are and none right here in our area.

 

[DebMcDonald]

I have a cousin who rented theirs out during the Masters Golf Tournament and they never had anything but great experiences and it was fun to find out after the fact who was staying at their house and it allowed them to take their family away on a free vacation that week. I might add that her husband is a doctor and they live in a very high end area, I don't know if that makes any difference.