October 20, 2009
Rentals During Olympics
Seriously Thinking About Rentals During Olympics?
Several friends asked me about renting out their home (house, condo) during the Olympics. There is still plenty of time but homework needs to be done. Decide whether this is an option or not for you.
If you live in a condo, the Strata Council will let you know if temporary rentals are allowed. All homeowners must apply for a licence, and the fees are different according to municipalities. For example, in Vancouver it is $106, in West Vancouver it costs $150 and in Whistler the licence fee is $300. Often forgotten, but extremely important, is your home insurance policy. You will definitely want to have this temporary rental clause. Check the sites at rent2010vancouver and rent2010. Since it is a business, there is GST involved too. I think it will be best to use professional rental companies even though they charge application fees and take a percentage of your rental income.