loneranger171
PR Addict
thinking of getting a new house this spring in thought I would rent my current home...good idea...bad idea...??? for what my current mortgage is I could rent it out easily
thinking of getting a new house this spring in thought I would rent my current home...good idea...bad idea...??? for what my current mortgage is I could rent it out easily[/QUOTE
My daughter found some really good renters who 2 years later are planning on buying the house. All depends who you get to rent. Vet the would be temants very carefully. Better if you know them. Good idea though.
The biggest problems I have:
1. They all start out great but 80% will start being late on rent by the second month. If you let it slide without a warning your screwed, it will be late from then on. Never believe the sappy story they give because its not true.
2. 30% of the time your place will need much more cleaning than you could imagine. People just dont take care of things that arent theirs very well.
3. Pets. DO NOT allow pets unless you are ready to spend serious cash on clean up. I dont care how good a dog or cat is claimed to be your place WILL need professionally cleaned at minimum. I would be prepared to replace carpet too. Foo Foo is NEVER a good dog and no matter what you do to clean the house cat odor doesnt go away. If you can go each month to collect rent at the house so you can check on the condition of the house.
4. If you rent it long enough you will get stiffed! If they get more than 1 month behind it is almost a guarantee that you will never see that money.
If you can separate yourself from the house and realize it wont be taken care of the way you do now then rent it. The benefits out weigh the negatives (most of the time) in my experience. But if you have put your heart into the house and feel any type of connection to it then dont rent. You can find a renter that will take care of it the way you do but it is unlikely.
I should of bought a duplex and lived in half, rented out the other. Friend of mine does that. Has has good renter for 3 years, he's never made a mortgage payment. His renter covers the mortgage and taxes. Pretty much free place to live. Newer duplex so there is minimal upkeep.
Oh and he doesn't allow pets!