Feeling about Multiple home ownership(renters)

[nitehawk]

Should TV allow multiple home ownership --- my opinion NO

[ilovetv]

Apparently the concern is about "renters".......translation: "There goes the neighborhood!".

I think it's good that so many residents are the owners of most of the rental homes here. Resident owners are here to see and take care of their own property/investment, and most seek out and find responsible renters themselves instead of having rentals open to any Joe Schmoe that wants to book himself into a reservation.

Resident owners are more likely to take care of the place and get responsible renters than non-resident, investor owners. Of course some owners here are not yet retired and living here yet, but most will be within a few years.

And about renters: I'd much rather have renters next door whose lease can be non-renewed and can be evicted, than irresponsible, aggravating owners about whom we can do nothing to get them out.

[Rebel Pirate]

Should TV allow multiple home ownership --- my opinion NO

What mechanism do you propose that TV (do you mean the developer?) use to DISALLOW multiple home ownership? None currently exists.

[njbchbum]

Should TV allow multiple home ownership --- my opinion NO

What makes you feel that way?

[JJ&TJ]

Just think that if everyone that bought a home in TV stayed in their home year round, this place would be like snow bird season 365.

[l2ridehd]

Should TV allow multiple home ownership --- my opinion NO

About 50% of my renters end up buying a home. Without the opportunity to live in The Villages for extended time periods, many would not have bought a home and your home value would be significantly less. More buyers equal higher home values always. So you should probably rethink your position and look to see if there are any benefits to you personally. I think you will find that answer to be yes.

[Bay Kid]

Shut the door??? We might never have discovered paradise!

[graciegirl]

What mechanism do you propose that TV (do you mean the developer?) use to DISALLOW multiple home ownership? None currently exists.



Well, they will ONLY allow you to purchase two new homes.

[rubicon]

I believe the OP has a valid point. Having said that there is no legal way, and practical way to prevent it.

First most people want community. However how can one establish community when the population is so mobile? This situation also exists for instance in a development housing people who make continual corporate moves . Been there done that my entire career.

Homeowners that rent come in three basic flavors 1) Owners who have purchased their home but have not yet retired and so rent out their homes year round 2) Seasonal residents who rent their homes until they return 3) Business people who buy homes here just for the purpose of renting them out all year.

Renters like wise come in two basic flavors 1) Renters who rent for vacation only 2) renters who want to see if they can reside here as owners

Non resident also come in three basic flavors 1) renters 2) relatives of owners 3) friends of owners.

This cursory overview explains an interruption in relationships but given how small the world has become can be managed.

In my view renting is a good thing because it gives people an opportunity to explore , to kick the tires and to decide.

[kwtoman]

:bigbow:

[bike42]

Well, they will ONLY allow you to purchase two new homes.

Gracie, that is not true.

[graciegirl]

Gracie, that is not true.


Oh. I thought it was. Our neighbors tried to buy two new properties in Mission Hills for investment purposes very close to the time they purchased their new home in Laurel Valley and they told us they were only allowed to buy two., They wanted to buy more.



Perhaps I misunderstood. How does that work? Maybe at a time? I meant at a time. We have purchased two new properties.

[bkcunningham1]

Well, they will ONLY allow you to purchase two new homes.

I edited my post because I see that someone else corrected you Grace. <3

[graciegirl]

Do you mean "they" only allow you to build two new homes?



NO, Friends and neighbors who had just purchased a new home in our neighborhood, then purchased a new home in Mission Hills to rent out and tried to buy two new homes there to rent out, and were not allowed to purchase another NEW one. This happened in the last two years.


I could have remembered it incorrectly. OR there are limitations within a certain time period or area? OR I could be completely wrong. I just sent a message to our rep to see. I will tell you what he said.

[graciegirl]

Gracie, that is not true.


You are absolutely correct and I am wrong. Just heard from my informed source.


Sorry for the misleading information. This is what happens when someone you know tells you something, sometimes, you just accept it at face value. It is always good to go to the horses mouth.

[justjim]

Most renters are only interested in 3-4 month rental. There are exceptions but as a general rule January-March make up the vast majority of snowbirds in TV. From an economic standpoint renting makes a lot of sense for a snowbird who is only in TV for 3 or 4 months a year. Some own a home just for the convenience---forget the money!

In a retirement community, you are always going to have a relative mobile community. The tax structure discourages owning property unless you are a full-time resident. Some think this is fair---others don't. It is what it is.

[rockyisle]

If we had not been able to rent a home for 6 months, we'd never have made the investment in TV. I'm not certain why you feel this way. I'm curious... would you care to elaborate?

[mulligan]

Probably feels the same way I do about renters. They have little or no vested interest in the community.

[nitehawk]

Becareful !!! Ghettos are Ghettos because very few people own the house they live in and have no pride or vested interested in the neighborhood ---- if the rental market dries up ( and this can happen) here comes the undesirables

[OBXNana]

Do you honestly think anyone would make a sizeable investment and become slum lords? This isn't an inner city community where someone can buy a row of houses for $50,000.00. From what I read on the forum, many buyers pay cash. In some instances it appears they have paid cash for more than one property. These are wise investors and won't walk from that kind of money.

We want to make sure we have the property we want when we're able to retire. We will rent the house until we have the luxury of moving south. We are obtaining a loan. The ability to obtain a loan isn't the same as it was in the late 1990's and early 2000's prior to the real estate drop. To the best of my knowledge, you can't buy a property with no down payment. The minimum, again to my understanding, is 25% down for an investment or second home loan.

We have owned many rental property's in the beach area over the years. We take quite a bit of pride in keeping the houses well maintained. In doing so, we get guests that rent weekly, appreciate how well we maintain the property, and treat the house with the same respect. During our preview in The Villages, one of the things that we were impressed with was the apparent pride in ownership in every area we traveled those 5 days. Because a house is rented doesn't mean it will be neglected.

[JourneyOfLife]

IMO.... The post is a strawman argument intended to be fodder for debate and discussion.

Anything is possible, but how likely is it in the next 20 or 30 years?

Go far enough into the future and anything can happen anywhere for reasons no one could predict.

[asianthree]

About 50% of my renters end up buying a home. Without the opportunity to live in The Villages for extended time periods, many would not have bought a home and your home value would be significantly less. More buyers equal higher home values always. So you should probably rethink your position and look to see if there are any benefits to you personally. I think you will find that answer to be yes.

I agree. Many want to rent before they buy

[mulligan]

But there are a lot who bought without renting. IMHO, enough so that values would not be affected.

[OBXNana]

We're not familiar with property values in The Villages and wonder how values are affected by rental property's. Is it a negative to have an out of town or state listed on the tax records for the owner? Is the fact a house is owned by an absentee person listed on a VLS or MLS? When a house is assessed for tax purposes, is a rental house appraised lower?

In PA the tax records are public and I don't think anyone checks to see where the owner lives. In NC almost all owners on the Outer Banks are from out of state and listed on the tax records. We check tax records when buying to make sure the number of bedrooms or bathrooms equals the tax records to avoid having additions that hadn't been permitted. Never looked to see where the owner lives.

Just wondering if in The Villages a rental next door, depreciates the neighbors house value?

Thanks.

[asianthree]

We're not familiar with property values in The Villages and wonder how values are affected by rental property's. Is it a negative to have an out of town or state listed on the tax records for the owner? Is the fact a house is owned by an absentee person listed on a VLS or MLS? When a house is assessed for tax purposes, is a rental house appraised lower?

In PA the tax records are public and I don't think anyone checks to see where the owner lives. In NC almost all owners on the Outer Banks are from out of state and listed on the tax records. We check tax records when buying to make sure the number of bedrooms or bathrooms equals the tax records to avoid having additions that hadn't been permitted. Never looked to see where the owner lives.

Just wondering if in The Villages a rental next door, depreciates the neighbors house value?

Thanks.

there are three rentals on our block and the house down the street just sold for 40k over what they paid three years ago, and sold in 48hours, so no worries there

[gerryann]

In another thread that was posted today, someone is looking for a weekly renter for his patio villa.......weather this is a legitimate post, or ??? ...who knows......but as far as renting goes. I would be PO'd if I bought a home and had WEEKLY renters next door or across the street all the time.......nothing I can do about it, I just wouldn't like the in, out of new people all the time. Monthly renters are ok, but some of the courtyard villa neighborhoods have just WAY too many rentals for a permanent year round resident to have for neighbors. Too bad there can't be certain villages for rentals only. I was a renter myself for three years, but for a month at the very least.

[golf2140]

I am waiting for the day a renter is given the keys to the house and golf cart without being told the ins and outs. They wreck the golf cart. Being injured they hire Morgan and Morgan and the home owner looses his pants. Just look at all the crazy drivesrs this time of year. Driving on 466 , Morse, Etc.

[buggyone]

I am waiting for the day a renter is given the keys to the house and golf cart without being told the ins and outs. They wreck the golf cart. Being injured they hire Morgan and Morgan and the home owner looses his pants. Just look at all the crazy drivesrs this time of year. Driving on 466 , Morse, Etc.

There have been many posts on here about a golf cart being included in the renting of a house. The insurance agents have repeatedly told clients that is extremely foolish as the homeowner (owner of golf cart) can be sued for damages and liability if a renter uses the golf cart and will be not covered by insurance.

Some of the homeowners try and put together a document to weasel word themselves as loaning it to the renters. The lawyers and insurance agents are better legal eagles than the homeowner and the homeowner loses his life savings.

Best practice is to not include the golf cart in any way to a rental. If you have a cart in your garage and rent your home - take your key with you and have it in the rental documents that the golf cart is not to be moved.

[sueandskip]

Not to pick a fight but you are totally wrong....Insurance is available for a renter using a golf cart at a very reasonable price....These kind of stories are repeated by people who heard from a friend that heard from a friend and it gets totally twisted..My golf cart was wrecked by a renter last January...Insurance covered everything with no problems....As the television show used to say at the end "BELIEVE IT OR NOT"

[sueandskip]

Should TV allow multiple home ownership --- my opinion NO

My only problem with rental property is I think the owners should rent to people 55 or older for a long term renter....In TV there is no age limit on a renter....That's how you end up with a 30 something living next door full time...

[ronsroni]

"Woah. C'mon up Napoleon."
We moved TO The Villages to be an active participating family of owners, movers and shakers; in a semi-retired sorta, kinda way. nomesayin?
I look forward to buying a rental property so that someone else can love and live in PARADISE FOUND.
not looking to rake anyone over the palm fronds, just maintain the home(s) in fine order and share the opportunity. LIFE IS GRAND!
Lovin' the Life and ALWAYS IN-STYLE!
PAZ

[bfollett8]

One caveat about renting on a monthly basis We had 2 for a short time several years ago, and got rid of them. Be sure you ad a clause about extra people. You may sign a lease with one couple, only to find out they bring a second couple to split the monthly rent. Its a cheap way to have a 3 month vacation for half the cost of one couple, since most houses and villas have two bedrooms. You end up paying a lot more for utilities with two couples in the unit. Also they play the game where one couple is listed as the renters, with full Villages amenities, and the other couple is a guest. After a month, they switch. The extra couple puts an extra load on tee times and other activities. Sorry for the rant, it just caused a lot of aggravation for us.