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Garfield & Hecht
Renting Mountain Property
I. Why Rent? Renting property, whether it is a home, condominium, interval ownership or timeshare, is an alternative to booking a hotel room. In many cases, renting affords an environment more like a home. On a daily basis, it may also cost less than a hotel room. At the high end, the opposite may be true. In Aspen or Vail homes can rent for $100,000.00 or more just for the Christmas holidays. However, there is considerable range and choice. Renting an interval ownership, timeshare or a condominium starts at about $500.00 per night for high season. If you are thinking of buying a vacation home, renting first may be a good first step because many of the same rental properties are offered for sale. One night stays are discouraged or prohibited in most rental properties. Expect the minimum stay to be at least two to seven days depending upon whether it is high season. (July and August, December through March), shoulder season (June, September, November April and May), or off-season. There may be extra charges for housekeeping service, shuttle service, parking, spa access and/or amenities, cable TV or internet. II. Damage Deposit. You can expect to pay a security deposit for damage and a prepayment of at least the equivalent of one-night and as much as a week or month depending upon your length of stay. Before supplying a credit card number or otherwise making a payment, always inquire about the refund policy for cancellation and when your damage deposit will be returned. Try to obtain this information in writing. In Colorado, if you are renting a home or a condominium the law requires that your security deposit be returned within one month, unless the rental agreement specifies a longer period of time, which cannot exceed sixty (60) days. For a short term rental, ask that this time period be shortened to a few days at most. Since short term rentals turn over frequently, any reasons to hold back your security deposit should be known the day you check out. Your security deposit cannot be withheld due to ordinary wear and tear. If any of your security is to be withheld, you are entitled within the time provided to a written statement listing the exact reasons and a check for the balance. You have other rights regarding your security deposit that is beyond the scope of this article. If there is a problem, you may want to consult with an attorney. III. Amenities. Some condominiums, ownership and timeshares have on-site amenities like a gym, pool or Jacuzzi. Some have affiliations with health clubs where you can receive (usually at an extra cost) a temporary pass to use the club facilities. Some condominiums and timeshares have an on-site concierge who can help with dinner reservations, lift tickets, ski rentals and the like. If you plan to rent a car or drive your own car, always make certain that parking near or on-site is available. In the winter months you will certainly prefer indoor or at least covered parking. In the summer months this is not as important. IV. Other Considerations. Some homes, condominiums and timeshares are dog-friendly while others prohibit dogs. If you plan to travel with a pet, you are well-advised to clarify the policy on pets at the time you make your rental arrangements. If you are a non-smoker, make sure you get a non-smoking accommodation. Always make sure there is a washer and dryer and snow plowing in the winter. If you are a first time renter, try to visit any rentals you may be interested in via the internet. Many websites have virtual tours. There are additional considerations if you are considering renting a private home for a week, a month or a season. There is likely going to be a rental agreement that you may want an attorney to review. You may be responsible for providing insurance. You should inquire from your own insurance broker what these coverages will cost you. Typically, you are required to provide personal property insurance and general public liability insurance. Make sure you obtain a list of all service providers for utilities, appliances, plumbing, heating, snow removal, catering, masseuse, firewood, cable, satellite and security. Some home rentals do not have a management company available, and you will want to deal with service providers that are familiar with the property. V. High Altitude. Areas like Aspen, Beaver Creek, Snowmass, Avon and Vail are at high altitude. If you are not already accustomed to the climate, you should not be surprised to have some altitude symptoms in the first few days. Usually, this is just a headache or an upset stomach. Most symptoms are mild and pass quickly. You may notice that many people in these areas carry bottles of water. Low relative humidity and intense sun can cause dehydration. If you come to altitude you may be told to “drink lots of water and stay away from alcohol for the first day or two.” VI. Management Companies. If you are renting a condominium or a timeshare and upon arrival are not pleased with your accommodations, request a change. Most management companies are very interested in repeat business and will find you another condominium or timeshare if any are available. Most management companies have a website you can visit. You will want to learn if management is on-site (usually a better experience) or available from a remote location. You can learn if the management company also manages other properties, how long they have been in business and other useful information that may help you decide if there is capable, experienced management in place. Some management companies have rating systems in place for the properties they manage. This may be important, especially with a condominium rental where some owners have invested in upgrades (a better choice for you to rent) while others are older units that show their wear and tear (a less desirable choice). VII. Travel Insurance. Between airfare and your rental (especially if it’s a family trip) you could have a considerable sum of money invested in deposits or prepayments, all or some of which may not be refundable. For this reason, you may want to consider travel insurance. If you have any pre-existing medical conditions, confirm you are covered even if you cancel due to the pre-existing condition. Expect premiums in the range of 5% of the cost of the trip. VIII. Sales Tax. Short term rentals including homes for less than thirty (30) days are subject to a sales tax (or in the case of Beaver Creek, an assessment) which ranges from 6.4% to 12.4%. This can amount to a considerable sum of money. As of the writing of this article, sales taxes are as follows: Avon 12.4%, Beaver Creek 10.99%, Vail 9.8%, Aspen 9.6%, Snowmass Village 12.3%, outside Aspen City or Snowmass Village limits 6.4%. If your rental is more than thirty (30) days there is no sales tax as the rental is considered a lease rather than a short term accommodation. IX. Websites. Here are some websites you can visit to see mountain rentals. We do not endorse or warrant anything you may find on these websites and they are provided for informational purposes only. There may be other websites that are better and if you find one, please let us know. Avon/Vail: http://vail.citysearch.com/yellowpages/results/Vail_CO/page3.html?flavor_id=9 Aspen/Snowmass Village Aspen Snowmass Village |
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This website does not constitute advertising. Material presented on this website is intended for informational purposes only, and it is not intended as professional advice nor should it be construed as such.
Please consult with a competent professional if legal or other specific expert assistance is desired.
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