3OYS: Don't 'fumble' renting out your home for Super BowlPosted: Updated:
PHOENIX -- Some Valley homeowners say they don't mind moving in with family members for Super Bowl week because they know on the back side, they can make a lot of money.
But there are some pitfalls to renting out your home to people visiting for the big game.
The countdown is on for one of the biggest events to hit Arizona, Super Bowl XLIX.
"It means a lot of opportunity, certainly for Glendale," said Valley real restate agent Joyce Hazen.
In a previous 3 On Your Side report, Hazen told us one way residents are cashing in on the Super Bowl is by renting out their homes.
But Myriam Cruz of the Phoenix Better Business Bureau says renting out your house is rolling the dice.
“First of all, the risk versus the income that you plan to get for renting out your home. There are certain risks, so it's not just all about making money," she said.
But Cruz said a simple search on Craigslist shows Valley homeowners are taking that risk.
If that sounds like you, here are some things you might want to consider.
Cruz suggests first calling your home insurance company.
“Call your insurance company to make sure that you are covered while you are renting out your home. Some policies have different disclaimers that maybe your property's not be covered at that time," she explained.
Next, require all renters to fill out an application complete with all of their information.
"It will allow you to do a background check and credit history check as well," Cruz said.
Once you have a renter you're comfortable with, it's imperative to write out a rental agreement. You can find a template online.
After that's done, you need to ask for a security deposit. It's recommended you ask for as much as one and a half times the total rent.
"You're having strangers in your home, so if you don't have the proper insurance or the proper coverage or the proper security deposit, you might end up paying for those damages on your home," Cruz said.
Also, take inventory of everything in your home and definitely take pictures of all high-ticket items, like furniture and electronics.
And finally, have the locks to your doors re-keyed after you go back to your house. It's a small price to pay to keep from having any visitors come back.