Quote:
Originally Posted by ryoungs
I have done a search of forums but can't find any posts where someone has tried the scheme I am considering. This suggests to me it is probably a stupid idea, but I would be interested in advice.
I am considering buying a three bedroom home in the Villages (none picked out yet) and, as a snowbird, renting it out long term. When my wife and I, or family members, decide to use the house for, say, 3 winter months, the renter would have the use of only one of the three bedrooms plus common areas, but at a greatly reduced rent (similar to an airbnb but at much less cost for the renter). At all other times the renter would have the entire home to use as he (she/they) sees fit, but at closer to normal rental prices (which, again, would be less than it might cost them otherwise)
I do realize it would have to be a perfect fit between the renter(s) and myself, but it sounds like a win-win for us both. It would be an ideal situation if I had a relative or a good friend who wanted to do it.
Comments?
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Whoa! "Complicated" is an understatement.
What you are thinking of doing is basically a contract-for-deed, then getting a "perfect fit" renter family to pay the freight on that for at least nine months out of the year (three months "reduced rent"). The problems with this are #1: you wouldn't own the house so any arrangement like that would probably have to be OK'ed through the owner; #2: either looking for new renters if the original ones decided to leave (something that is quite likely if they're looking at sharing the home for three months out of every year); and 3: taking over the house full-time when you DO decide to become permanent Villagers. It's a three-way (four-way, counting the insurance, which is bound to be complicated as well) arrangement that sounds more like a minefield to me.
If you do go ahead with this, I'd strongly advise talking to a property-management company here in The Villages and talk to them about whether or not this is viable, and if they would manage the property (for a fee, of course) while you're absent. But to be honest there are just waaaaay too many potholes in this. I wouldn't do it.