If you’re considering renting out your Palm Springs area home or condo either short or long-term, there are some important issues you should be aware of and plan for ahead of time.
Palm Springs Area HOA Rental Rules
Some HOA’s may have restrictions on rentals. While most HOA’s allow rentals, a few do restrict rentals to periods of one month or greater. Other HOA’s allow daily, weekly and monthly rentals. Your HOA rules and regulations should cover these rental policies. If you live in a community without an HOA, you might consider checking with the city about possible restrictions, if any.
Short Term Rental Insurance – Are You Covered?
Many home and condo owners choose to rent their properties to short-term renters (less than six consecutive months). While this can be a great income opportunity, you’ll want to check your specific homeowner policy and speak with your agent about coverage. If your policy won’t cover your home for short-term rental usage, you’ll need to switch to a policy that does.
Most insurers can now cover most rental homes and condos for short-term rentals at a very reasonable cost. This Comprehensive Property and Liability Insurance Program was created especially for homes and condos that are being used as short-term vacation rentals.
This program can be used by those who book their homes year-round or by those who only book their properties a few days, weeks or months per year. Owners can now have peace of mind knowing that they are properly covered at a reasonable cost. So, even if you think you are properly covered, you’ll want to review your policy with your agent. Most vacation homeowners are simply not covered for the risk of short-term rentals.
Professional Rental Management And Booking
A professional rental management company can help you as a homeowner maximize the value of your property and shield you from the daily (and sometimes nightly) concerns associated with ownership of vacation rental property.
Licensed professional service companies can promote, advertise, book and manage your short-term vacation rental property while you enjoy the peace of mind knowing that your home is in professional hands.
Full service property management can include routine property inspections; maintenance; housekeeping; automated accounting functions; and, even concierge services for your renters and guests.
Most licensed rental companies will hold renters advance payments in an escrow account until the rental period commences, then they’ll disburse funds to the homeowner. This protects both renters and homeowners.
Please Email Sheri for a referral to a licensed Rental Company that fits your specific needs.