Renting out your home to a complete stranger is a big decision and shouldn’t be taken lightly. With short-term rental websites such as AirBnB getting popular in the last few years, renting out your home while you’re away has become an easy way to have an extra income.
AirBnB has built a foundation of trust among their hosts and guests but misconceptions do happen. They have created a host guarantee where they will reimburse eligible hosts for damages up to $1,000,000. To avoid any misunderstandings with your guests, it’s a good idea to have a document which will provide additional protection where you can set boundaries and make sure your property will be protected. This can be done by creating and signing a vacation (or short term) lease agreement. Airbnb does allow the host to provide a lease agreement as long as they are upfront with their guests before they book their stay.
Why having a vacation lease agreement is a good idea:
It sets boundaries – If you are hesitant about the occupants of your home having other guests over, you can state in the lease agreement how many they can have over at a time, or that no additional people other than who is originally listed on the agreement can be in the home. If you want to keep your home pet free or even smoke-free, you can make this clear in the document to establish that all parties are on the same page. The agreement will also layout the check-in and check-out dates and the agreed upon rent amount.
Protects your property – Have a vacation lease agreement will create rules for what the occupants can and cannot do on your property. If the occupants disobey the rules that were laid out or something goes wrong, by establishing a written record of the rental agreement a landlord will have the legal recourse needed.
Sign online – By doing a vacation rental agreement using Rocket Lawyer’s online interview process, the document will be available to you instantly. If the client is in another or state or even down the street you can send them the document by email to read over and sign it electronically before they even arrive for their stay. Once you have completed your agreement and it’s been signed by all parties, it will be saved under your account, and you can return to it whenever you need to reference it.
You’ve invested a lot into your property, and you want to make sure it’s enjoyed as it’s meant to be. By creating a vacation lease agreement, it will protect your home and property when you decide to upload your home for rent on AirBnB. Just remember to let interested parties know up front that you have your own contract before they book their stay.