HOME SWEET SOMEONE-ELSE'S-HOME

When we go on a vacation we stay in a hotel looking forward to getting a taste of another city or country and meeting some locals. But there are no locals staying in the hotel---just a lot of folks like yourself. You could have stayed at a hotel in your home town and saved the travel expense. Here’s a fascinating alternative. Thanks in large part to the internet, a huge industry has grown up offering people’s homes to stay in on your vacation. There are websites galore brimming with listing companies which in turn are chock full of specific listings of houses and apartments all around the world. Check out “Vacation Rentals” on your search engine of choice and you’ll see what I mean. Here are some of the advantages of booking a “rent by owner” accommodation. In no particular order: a well-chosen home or apartment can be a lot cheaper and a lot more spacious than a hotel….You’ll be part of a neighborhood where you can meet local people in the shops, restaurants and pubs.….You’ll no doubt have the use of a well-equipped kitchen, which can save you lots of money by having meals in instead of going to restaurants…..Many homes have good libraries in which you can indulge your reading habits….A home is a home. Here, again in no particular order, are some precautions you can take in choosing a rental home for a vacation. They should help you get the best deal for your money. Good Research Can Pay Off ---Never was there a better use for a google map, or a mapquest one, if you prefer. It can zero you in to the immediate neighborhood, and list all kinds of businesses in the area. Use it to gauge how far the house is from the center of town, or other places you might want to be near. Beaches? Malls? Zoos? Museums? Golf courses? Playgrounds? Highways? Airports? Whatever. The google maps can show you a satellite photo of the immediate surrounding in many cities, a good way to orient yourself to the nearby amenities. ---The rental sites will, or should, show you some photos of the place. Be aware that photos can be staged and manipulated. Staged means that a lot of attractive furniture, etc., is brought in for the photo shoot, to replace the grunge that’s really there. Manipulated means that rooms can be made to look bigger and brighter than they really are. Scrutinize any photos with those factors in mind. I hope that my negative suspicions are proved wrong. ---Try to get referrals from past tenants, although if the landlord chooses them you might not be getting the real deal. If any of the past tenants give you their phone number, a phone call might elicit more important information than the letter. Probe politely. ---You don’t have to read a contract when you stay in a hotel, but when you’re renting someone’s house there will be a contract, and you should understand it thoroughly. Get a lawyer’s help if you’re not sure what some of the words mean. Assume that the landlord had a lawyer draft the contract, and you’ll understand why you might need legal counsel. Contract Issues Within the contract itself you should make sure all these points are covered to your best advantage. Rental deposits---when, how much, under what circumstances is it refundable? Cleaning and breakage deposit---how will original conditions and termination conditions be determined? Photos? Personal inspection? Liability---What personal liability insurance does the landlord have that will cover you if you (or your family) are harmed by some defect in the property? Also check your own homeowners or tenants policy to see if you’re covered if you do any damage to the landlords property. Automobiles---Some vacation leases include use of the landlords’ cars. Be certain that all details regarding damage, loss, mileage and condition are expressly spelled out in your rental contract. Utilities---(including telephone, internet and tv connections) Who pays for what, to whom, and when? Repairs and maintenance---If something goes wrong and you need a plumber, electrician, handyman or any other trades person, who pays how much. If you broke it, you’ll likely have to fix it. If it came broken, it’s the landlord’s responsibility. Proving which was the case can be tricky. Noises and nuisances---This might seem a bit silly, but all houses have their own special noises. Occupants might be so used to them that they don’t even notice them any more. But if you are awakened by a strange squeaking sound in the middle of the night, it may be just the wind. Or it may be something that needs fixing. Know up front what to expect. The same goes with neighbors who might have late parties, loud boom-boxes, and barking dogs. The landlord might be used to these nuisances. But they can ruin your peace and quiet. Again, know up front. Unlike in a hotel, where you can complaint to a manager 24/7, you’re on your own in a rented home. This article supplements Chapter 3, pages 88-98 in Personal Finance. Access the textbook by clicking on the box in the right column.