Borrowing - or Lending - a Vacation Home This Summer?

Deborah Hutchison

Make sure the arrangement works to everyone's advantage!

Borrowing a friend's vacation home can be a great opportunity to get away during the summer, and save on expensive hotel bills. On the flip side, lending your vacation home to a friend can be a great way to get additional use out of your vacation property, and perhaps defray some of the costs. If you are the owner of the property, it can be a wonderful way to offer an enjoyable and meaningful experience to friends and family you care about.

However, what begins as a thoughtful or practical arrangement can quickly go downhill if expectations are not clarified. For example, your friends may use your Florida condo and crank up the a/c while keeping all the doors and windows open - not realizing that utilities are extra and you are expecting them to pay their share. OR, although it may seem obvious to you that "where I go my Alaskan Malamute goes", your friends didn't realize your dog would be sharing the guest cottage they lent you and now are furious about the dog fur they have discovered on the couch!

The Family and Friends "Lending Your Vacation Home" agreement helps clarify expectations around utilities, number of people (and pets) sharing the home, what happens if something breaks or gets damaged, and more. Additionally, there is space for the lender to list favorite restaurants and activities in the area. At the heart of an arrangement to share a valued vacation home is the desire to share a special place with friends and family - download the  "Lending Your Vacation Home" agreement and ensure that this experience will be a positive one all around!

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