furnished condo: advise

[TommyK]

Hi everyone,

I am in the process of searching for opportunities of doing furnished 1 bedroom condo in d/t Edmonton. I know some of you are the experts on this. I would like to find out more about it if you can help me out.

1) Do I need to obtain a business license for renting the condo out on a weekly to monthly basis?

2) Is there a special insurance for this besides the typical rental insurance?

3) What is one advise you would give to someone who wants to do this??

Thank you in advance!
Tommy

 

[Bill]

QUOTE (TommyK @ Oct 13 2008, 10:02 PM) Hi everyone,

I am in the process of searching for opportunities of doing furnished 1 bedroom condo in d/t Edmonton. I know some of you are the experts on this. I would like to find out more about it if you can help me out.

1) Do I need to obtain a business license for renting the condo out on a weekly to monthly basis?

2) Is there a special insurance for this besides the typical rental insurance?

3) What is one advise you would give to someone who wants to do this??

Hi Tommy,

1) You shouldn`t need a business license, but will the condo itself allow it? If it is a secure building the current tenants and owners may not be to happy having revolving faces moving through their building. If there is a separate entrance to your unit i t may not be an issue.
2) Talk to your insurance company, they may have a special policy for this type of rental, or not cover it all all. You will require contents insurance now as well
3) If you can find a company to rent the unit to directly it will ease many problems for you. This will be the hard part, but it could save you hours of moving people in and out on your own.

Regards,