Dear Heather: I have a large three-bedroom house on the Western side of the Island. With news of the America’s Cup coming to Bermuda I am thinking of renting it out. What are my options? — Thinking of Renting

Dear Thinking of Renting: It is indeed exciting news that we are to be hosting the America’s Cup in 2017 and undoubtedly there will be families and crew alike, looking for rentals and or property for sale. You will have several options to consider.

1) Short-term rental: Properties rented out for short term (up to three months) tend to have a higher per night rate or a higher monthly rent than a comparable long-term rental, but properties rented short term must be in good condition and be fully furnished and equipped, right down to the dishes and towels. Also it’s possible you may have gaps between rentals.

2) Long-term rental: Families relocating for a couple of years or so will be seeking longer term leases at reasonable rents, furnished or unfurnished in prime locations, and in good condition. This may be a good time to upgrade that kitchen or bathroom. Maybe! Air conditioning is not optional it is essential.

3) Sales: If your property falls into the non-Bermudian category (ARV of over $177,000) or a condominium (with an ARV of over $32,400 in a designated complex), there may be opportunities for sales. The added confidence in Bermuda may spur people to make the decision to buy.

It is important for Bermuda to remember that most of the people/teams involved with the America’s Cup are well travelled and have gone into new locations and markets all over the world. I am sure I speak for most Bermudians when I say that I hope we will show off some of our famous traditional Bermudian hospitality and treat them fairly, so that our upcoming visitors leave Bermuda having had a positive experience, that they can take with them wherever they go. Give some thought to what you might do. Will you rent out your home? Rent somewhere smaller, or as an alternative buy somewhere smaller. There is great inventory at reasonable prices in the condominium market at the moment. Whatever you decide, you will need to carefully consider your options, and it would be wise to seek advice from your real estate representative.

Heather Chilvers is among Coldwell Banker Bermuda Realty’s leading sales representatives. She has been working in real estate for 25 years. If you have a question for Heather, please contact her at hchilvers@brcl.bm or 332 1793. All questions will be treated confidentially.