What could be better than an extended vacation overseas, at the family cabin, or exploring our great country?  How about an extended vacation partially funded by renting out your condominium?  This can be an excellent option, especially if your community is a popular tourist destination.  However, before you advertise your rental, check with your strata association.

Each condominium complex has a strata or homeowners’ association with unique rules.  Begin by confirming whether your complex allows rentals and for what length of time.  The association may also have rules governing the age of residents (e.g., 55+) and prohibiting pets.  These rules will also apply to your renters.

Next, check with your insurance company about coverage while renting.  Be sure you will be protected in the event of a personal injury, fire, flood, theft, etc.  Some insurance agencies also recognize the benefit of renting; thieves are less likely to target an occupied home compared to one that is empty for the summer.

When it comes to safeguarding your belongings, move all your valuables to a secure storage location.  For the remaining valuables such as a television, stereo, etc., create a detailed checklist including the condition, model and brand.  This list should become part of the lease agreement with both parties signing off on the items included for use in the rental.   

If finding a renter and creating a leasing agreement seem a bit daunting, some property management companies will help owners with short-term rentals.  They charge a fee to interview potential renters, collect rent and monitor your property while you are away.

Fortunately, most renters are happy to find a place where they can feel at home without paying pricey hotel bills.  A summertime condo rental can benefit everyone!