| 11 December |
Debbie asked:
The units in our development are renting for what we pay a month for our mortgage. If we sell right now, we would maybe just get our money back on what we paid for it. There are beautiful detached homes for sale that we’re really interested in! We already have a close family friend itching to rent our place and would sign a lease for 2-3 years. Also had a realtor email listings of rentals and he said they go very fast and in fact they have a waiting list for people looking to move into the community! Everything is still under home warranty within our home. Any thoughts on this? Wanted to see what others thought of the situation before we seriously consider moving forward with anything.
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2 comments to 'hould we sell or rent our home? Looking for advice?'
December 14, 2009
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First never, did I say never, yes never rent to family or fiends. Need I say again? Never rent to family or fiends it always ends bad. Now if you can break even in the rent do it. But know that even the best renter is a bad renter. They will call you at 2 in the morning when the toilet overflows. They will forget to water the grass. They will not pay rent for on time because they needed to buy their kids a drum.
December 17, 2009
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Renting can be a good income stream, however there are many caveats. First – either have a management company handle the property for you or make sure to do a background check and financial check on any candidate to rent. If you do this on your own, make sure you know what you are getting into. Do your homework. Understand what it is really like to be a landlord. If you have a hard time detaching your personal feelings from this unit being home, then don’t rent it out. No one will take as good of care of it as you would. And when you rent you take the chance of having someone who doesn’t have good housekeeping skills.
Any rent money is considered income, so you will have to declare it. What you might consider is talking with a tax adviser or accountant first to see what program would be best for you to consider.
I have no way of knowing where you are or this unit, but if your area is anything like ours, it may not be such a good time to sell.
Hope that helps