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Shutterstock FALL 2018 BCA A .COM 15 How to protect yourself when renting out your property short-term BY IAN MACNEILL The Part-Time Landlord MEMBERS SAVE If you rent out your home (or any portion of your home) on a short-term basis to occupants expected to stay for less than six months, speak to a trusted insurance advisor to obtain the right coverage for your needs. BCAA now offers short-term rental coverage. Learn more: bcaa.com/home Thanks to online marketing platforms like Airbnb and HomeAway, an increasing number of British Columbians are renting out their homes to tourists and business travellers alike. Richard and Cheryl Holmes, who own a waterfront townhome in Vancouver, have been using HomeAway to do just that since the 2010 Winter Olympics. "We use the time our home is occupied to take our own vacations," says Richard. He has some advice for would-be home- rental entrepreneurs: Prepare your home for visitors. Leave your home sparkling clean, and remove or lock up breakables and valuables; you'll just worry about them if you don't. A locked closet like you see in some hotel rooms can work well. Repairs and maintenance should be top priority. "Above all, remove or repair anything that could be a safety hazard," advises Richard. "Have fire-prevention apparatus available, as well as home-orientation documentation so your guests know where things are when they need them." A good exercise is to do a walk-through of each room in your house and take note of where action is needed. Find out as much as you can about potential guests. A number of platforms, including Airbnb and HomeAway, have guest profiles, but they tell you only so much. If profiles are sketchy, tell potential renters you can't confirm until they add more info; honest people will understand. Many platforms also allow hosts to rate past guests. Be sure to check them out. With names in hand, conduct an Internet search, plugging names and origins into search engines and checking out social-media sites like Facebook. Trust your instincts; if you get bad vibes, back off. And avoid anyone who invites you to step outside the platform to avoid commissions. It's a big red flag! Treat it like a business. "Because that's what it is," says Richard. There are tax implications (it's income and taxable) and, in some cases, municipal regulations to consider. In Vancouver, short-term home renters need a licence ($54) and must pay an annual fee ($49), and failing to do so can cost as much as $1,000 in fines. Check for local regulations. Make sure you have the right kind of insurance. "I can't stress this aspect enough," says Richard. Talk to your insurer and make sure your policy allows for short-term rentals. If not, ask about your options for coverage. ■

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