Quote:
Originally Posted by asianthree
if you can afford the home without the rent money than go for it but if you need a certain amount of income from the home you might want to wait
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Good advice. Renting CAN work, but it can be a challenge.
I've rented my home for eight years, only when we are not there. Feb-April and a month or so in the Fall are our times! For the last three years we've rented all but about four or five weeks of the rest of the year. The main three reasons we are successful is because we have what folks call a gorgeous place with a heated pool and spa, a fantastic property manager and just the right kind of advertising.
Before you jump in, try to decide what you are going to do with that patio villa in the future. Maybe you won't want to put in all the extras we did unless you think of this as the place you will use yourselves when you retire. We lucked out getting the place of our dreams, we won't ever need anything 'better', so we do not hesitate to invest in it. We have already received far greater returns than we had hoped for.
The property manager is essential for us because cannot take care of things from our northern home. Most of our guests return because the manager takes care of everything they need. Can you find people who will do all the details including cleaning, inspection, maintenance, taxes, etc.?
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Send me a pm if you want more info. Best of luck!