I have been in the rental business for 10 years and my payment terms have always been 40% to reserve and the difference 45 days prior to arrival. Some potential guest complain, but it is what it is and I receive a lot of business. No refunds for payments made.
I am currently searching to rent a property for next New Years and the VRBO owner asked me for the full amount to reserve the week ($4,000) and there is no refund if I cancelled. I am reserving 8 months in advance, so if I arrive and there is a problem with the property I can no longer claim my credit card (6 months to claim only). Although I love the proeprty I think these terms are completely unreasonable.
So my question is, what are your payment terms and do you also belive the above terms (full amount to reserve dates for next New Years) is unreasonable.
I have seen in my travels everything from $200 to reserve the property and the balance on check in to everything being due at booking and is non-refundable. I personally think it is a bit unreasonable but these are the owners terms. I don't know where the property is located but the fact that you booking 8 months in advance and it's over a major holiday, I can see how he is coming up with these terms.
I guess you have 2 choices:
1. Pay the amount and purchase trip insurance OR
2. Wait to book the property within the 6 month period you stated regarding your credit card.