Property Spotlight: A Shining Beacon in Maine Corporate Housing

A Shining Beacon in Maine Corporate Housing

Today’s spotlight furnished rental is the very definition of tranquility and relaxation. This lovingly preserved, multi-tier gabled colonial farmhouse sits amidst a sea of green fields, apple trees, and horse pastures in rural Durham, Maine. This gorgeous pastoral country is the setting for this classic 1830’s three-bedroom, two bath farm home, CHBO Certified and ready for your corporate retreat or extended stay.

Just listen to this happy client: “Pictures, reviews and ratings, all wonderful, do the Thanksgiving Farm an injustice. The place and people scored off the charts for us!!! We can’t recommend it highly enough. Thanks!” Galen, October 2017

The Economy Here is More than “Maine-ly” Lobster

Maine Lobsters are the world’s most famous crustacean and a luxury food that’s made the state’s seafood producers famous. Up on land, poultry, eggs, cattle and potatoes star, but it’s manufacturing of health care products and paper and wood products that drives this economy the most. Health care is highlighted by Maine Medical, Mercy, Mid Coast Regional, Central Maine Medical, and St. Mary’s Regional Hospital. A few major firms call Maine home: Fairchild Semiconductor, IDEXX Laboratories, and outdoor clothing retailer L.L. Bean. Portland, just thirty minutes from this idyllic farmhouse, is growth-focused and supports a strong business culture of small to mid-size companies. The downtown district in Portland, and the Old Port historical area, provides many business opportunities for residents and visitors. The Jackson Laboratory, is the world’s largest mammalian genetic research facility, and calls Maine home. This could be due to the ample number of higher learning institutions like Bowdoin, Bates, Colby, the University of Maine, and the University of New England.

See Rural “Nor-Easter” Charm from this Maine Short-Term Rental

You’ll enjoy the calm and tranquility of home here, and when its time to get out and see more this state, Portland is a great place to explore. Breweries like The Maine Brew Bus, Shipyard Brewery, and Allagash Brewery provide suds to go with surf. Shore access means fishing charters, paddle boarding, and cycling along the coast. Commercial Street, Congress Street, and Market Street are replete with waterfront shops and cafes to peruse. Art lovers can visit the Portland Museum of Art, sports fans can catch minor league baseball at Hadlock Stadium, home of the Double-A Sea Dogs, a Red Sox affiliate.

corporate housing society

If You are Fishing for Luxury Corporate Rentals in Maine, You Caught a Beauty

We were very excited to find a house which seemed very nice on a horse farm…When we arrived, we were very happy to see that the house was even better than the photos….it is obvious that the owners have put a great deal of time and effort into restoring this beautiful property. We were even more impressed by how kind and friendly the owners are….”

The reviews say it all. This beautifully preserved and maintained classic 1830’s farmhouse with modern upgrades located on a horse farm with three Icelandic horses cared for by the owners. It’s CHBO Certified, so you know it’s fully furnished and appointed with top-end furnishings so all you need to do is pull in to the two-car attached garage and come in via the mudroom, put down your luggage and feel at home.

It was comfortable and spotless, all the comforts of an inviting home. The setting is beautiful – apple trees and horses and wide-open fields. We only wished we were there longer.”

corporate housing society

Enjoy a sunny eat-in kitchen with spacious central island and farmhouse sink, a washer and dryer alcove, Hearthstone wood stove and bucolic views of the courtyard and verdant gardens, pastures and stone walls. The cozy living room features a fireplace and baby grand piano. A dinner party is a must here with an elegant dining room seating up to eight lucky guests. Upstairs, three spacious bedrooms await, sleeping up to six. The master bedroom suite includes a king bed, there’s a garden view bedroom with a queen bed, while the third bedroom has two twin beds perfect for the kids, or could easily serve as an in-house office thanks to a desk and a gas stove. Bathrooms on both floors here include heated tile floors, large custom shower and a double faucet farm sink.

“The house was great and even better than expected, very clean with everything you could ever need, especially if you expect to cook. Barbara and Jim also gave us great recommendations on what to see and where to eat in the area. We even got some nice recipes and got to pick some apples from the tree in the back. The horses were amazing to see in-person and Barbara will teach you all about them if you have any questions (like we did). They’re very well behaved and we even got to pet them! Overall it was an amazing stay and we’ll be sure to come back if we’re ever in the area!”

corporate housing society

The owners, Barbara and Jim, live on the neighboring property. Maine Corporate Housing doesn’t get better than this. Be sure to call them at +1 (207) 650-3169 today before your miss your chance to relax at this beautiful farm house during your stay in Maine!

Three Ways to Prepare Your Short Term Rental for Severe Weather

Save Download Preview flooding houses with rising water

Weather can be unpredictable. Recent hurricanes and flood events in the Caribbean, Florida, Louisiana, and Texas have shown that, as did the tragic fires in Northern California. Your corporate rental is a major investment that you want to protect. Having homeowners insurance should be a given, as well as flood insurance in low-lying areas requiring you to be covered. Beyond insurance there are other ways you can not only prepare your home but also protect yourself from income lost to severe weather that prevents a tenant’s stay. Here are three ways you can prepare your short-term rental for severe weather.

A meteorologist displaying hurricane supplies

Supply “Must Have” Items in Your Corporate Housing

Just like you would in your own home, provide basic emergency supplies for corporate tenants. Bottled water, canned food, a first-aid kit, a hand-crank radio, flashlights, and an emergency kit are important to have on hand. Secure these items in a cabinet with a combination lock. When extreme weather occurs, provide your tenants with the combination. Finally, be sure your home is well maintained both inside and out. If high winds, heavy rain or snow strike, be sure your home is up to the challenge.

TRAVEL INSURANCE

Offer Travel Protection Insurance for Hurricane Rentals

In some states where vacation rentals are more common, if you do not offer your tenants a travel insurance option, and a mandatory evacuation prevents a stay, you must refund them. However, if you offer them insurance, no refund is required. In other states, no refund is required unless your lease agreement covers it. You’ll need to know the laws regarding severe weather refunds in your state and municipality, run it by the attorney drawing up your standard lease contract.

This is distinct from a security deposit because it is different than “tenant caused” damages. CHBO’s covers you in case of tenant accidental damage, a cost that can be passed on the tenant in lieu of a security deposit.

Car covered with Ice

Add a Severe Weather Clause to Your Lease Agreement

In the case of a mandatory evacuation, you could offer a refund or a rebooking at a discount. But you need clear language that only mandatory evacuations apply; guests who are simply disappointed because rain is predicted can’t get a refund, as the home is still usable.

In the case of mandatory evacuations, you could issue a refund in advance when government authorities declare the evacuation, or if the stay is in progress, partially refund for unused days, or credit guests for a future stay.

Again, be clear that this applies only in the case that your property cannot be used due to evacuation. This happens most often with severe storms or hurricane rentals, where there are a few days of advanced notice. If roads are icy but not closed, for example, this doesn’t mean a refund as your short-term rental itself is still usable and the tenant should use chains or winter tires with four-wheel drive.

You may not be able to predict when and where severe weather strikes. You can, however, prepare your corporate rental for hurricanes and your lease as best you can so that when bad weather strikes you are ready.

Business-wise: How Will the IRS Treat Your Corporate Housing?

Tax return for Corporate Housing

There are different reasons people invest in real estate rentals. It may be your primary residence, vacation home, or a pure rental property. You may be renting your primary residence or a portion of it, or a vacation home that you use with different frequencies. Whatever the case, Ben Franklin said, “The only two things certain in life are death and taxes.” So, if you’re renting within the Unites States and you pay U.S. federal taxes, you should be ready and prepare for them. April 15th will be here before you know it, so with that in mind let’s look at how the IRS views your corporate rental.

How You Use Your Corporate Rental Matters

The CHBO Handbook has this to say about taxes on your furnished loft:

“The general rule for renting your personal residence is that for a home rented for less than 15 days in a calendar year (assuming a calendar year taxpayer which includes practically all individuals), the owner cannot deduct any of the related rental expenses, but isn’t taxed on any of the rental income (Code Section 280A(g)). This applies to the United States of America.

Let’s look a bit more closely and pull in some additional situations. The key factors are 1) How often you or an immediate family member uses your corporate housing, and 2) How many days it is rented.

 

In A Calendar Year, How Often Do You Use It? In a Calendar Year, How Often Do You Rent It? IRS Considers It A… Must You Report Rental Income? Can You Deduct Business Expenses?
More than 14 days OR more than 10% of Days Rented Less than 15 days Personal Residence No No
More than 14 days More than 14 days Personal Residence Yes Yes
14 Days or Less OR less than 10% of Days Rented More than 14 days Corporate Rental Property Yes Yes

From this information, we can make some generalizations. If you rent your property for more than 14 days, you do have to report your income, and you can deduct the expenses. If you don’t, you don’t have to report your income nor can you deduct expenses.

How You Use Your Corporate Rental Matters

How Losses are Treated

Another consideration is Passive Activity Losses, or PALs. These are operating losses over and above your rental income for the tax year. Generally, you can deduct up operating expenses up to the amount of income you make. After that, there are limitations and you may be unable to offset your losses.

Understanding the rules around how your furnished loft is taxed will help you prepare for meet your tax obligations and even help you determine how much you can put back into the property. It should be said that US code is complicated. These are basic guidelines for how the IRS will treat your furnished rental, but it is recommended that you consult with a tax professional. For more great tips on how to maximize your corporate rental investment, download the free CHBO Handbook or call CHBO today at 877-333-2426!