The countdown leading to the Super Bowl 2015 in Peoria, Arizona has already started. Whether or not you are an American Football fan, you must have heard about this event. It is the biggest sporting event in the US. In fact, thousands of people fly into the host city from around the world and spend bucket loads of money on the Super Bowl weekend events and activities. If you are asking yourself the question, should I rent my home for Super Bowl 2015? You should make alternate living arrangements and start preparing your home for your tenants. Homeowners who live near Super Bowl destinations have the perfect opportunity to make a great deal of money by renting their homes. Because this is on of the largest sporting events of the year, hotels are often sold out or have outlandish rates and not everyone wants just a hotel room. Some people opt for rental homes because of their privacy and amenities.
You can make an obscene amount of money for each night if you choose to rent out your Arizona home. Why so much? Executive types usually prefer the family setting instead of booking hotels. People who rent out these homes fly in their entire families. Executives can either pay out of their own pockets or do it on the company’s dime. Either way, you as a homeowner get to make good money by renting your place out. These travelers usually take good care of rentals. Therefore, you can be sure that your place will be well taken care of. And, there are things you can do to assure that your property is not damaged or abused.
Most renters are not very demanding. They just want a nice, clean and updated place to live in while they attend the Super Bowl and the ancillary activities associated with the event. Many visitors schedule a few extra days to visit the popular tourist destinations like the Grand Canyon. However, if you want to make top dollar, your property should have the most sought after amenities. The most sought after amenities for Super Bowl rentals include;
Location of the property is the MOST IMPORTANT aspect of the rental and key to pricing. The closer to the venue, the more you can charge!
Access to swimming pools
If you do not have any of these amenities at your disposal, don’t be discouraged. You can still charge a good price. Make sure that your house is professionally cleaned before renting it out. This small investment will go a long way toward fetching a higher price for your home.
Advertising your property is also encouraged because you will get several bids and a choice of tenants. Craigslist is a free avenue for advertising your property. You should renew the ad every 30 days to ensure that it doesn’t expire. Have a strong marketing message that will attract internet browsers to view your advertisement. You should also have some well photographed, eye-catching images of your home. Renters want to know what your property is like and a variety of photos that showcase your amenities is helpful in selecting the right property. If you are willing to fork out some money for these advertisements, you should hire professionals to take care of them. This will help you in reaching a bigger audience. Increased search engine traffic makes your ad easier to find.
To make your home look more presentable, you should consider rearranging your furniture. You can do this on your own or hire professionals to do it for you. The process of staging your home involves depersonalizing it. Remove all the family pictures and buy new appliances so that the renters can picture themselves living there. Hiring a home stager is not a new concept. Most stagers usually have their own supplies thus saving on time and money.
So what are the tax implications of renting out your home for several days? You as the homeowner are obligated to report the taxes from your rental income and pay them. However, there is some good news here. You are also allowed to deduct any expenses that you might have incurred while preparing to rent out your property. For instance, if you rented out your property for $12,000 and you spent $4,000 in commissions, you are only obligated to pay tax on the $8,000 difference. If you have enough time, you can wait for the IRS to deduct other amounts from your taxable income. If you are not well-versed in taxes, you should consider hiring a CPA. You might also consider tax software to help you make sure you are filing the correct documents.
If you make a decision to rent out your property, you should choose the mode of payment before the actual move-in date. This way, there will not be any confusion. So how do you set your price? This depends on the kind of home you own. Does it have enough room and amenities to charge high prices? Check other homes in your area to determine the price you want to set. There are a number of sites that offer sporting event rental homes. VBRO and Airbnb are 2 such sites.
This is something you shouldn’t do lightly. Do your research, make a checklist and plan to cover all the essentials and enjoy the extra cash generated by renting your house for the Super Bowl!
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