Renting

[Herb]

I am closing on a home today and am considering renting it for a year. Please share your thoughts and experiences. Thank you, Herb

[handieman]

Aside from any mortgage, you can recapture your expenses, and pocket a tidy income tax deduction (carefull with how long you use it personally however)
Handie :joke:

[larrydube]

I agree with the "Handi Man" you will most likely not make enough money to cover your expenses (taxes, amenity fee, etc.) as most of the homes really only rent for 3 months a year, but you will be able to claim these expenses against your rental income. Also you get to depreciate the home as long as you are renting it. This is indeed a nice offset to any income that you make. There are other things you can do when you finally move down that also make it a sweet deal.

[redwitch]

There are several long-term renters in TV. I know of one gentleman who has been renting here for 8 years now. He has no intention of ever buying. The owners of his property will be ready to move to TV in 2010. He'll simply look for another rental that will be good for at least 3 years. If you make it a reasonable amount for a 12-month lease, you should be able to find someone. Figure out your costs for one year, including amenities, and don't try to factor in snowbird season, maybe add $100/month or so and you should be okay.

If you're planning to come down for part of the year, you probably won't break even because there will be times your home will stand empty and you really can't raise the rent enough to pay for those times.

[poromo]

Keep in mind that if your income is over $150K rental losses are not allowable in the current year and must be deferred until your income is below $150K or you sell the property. When you sell the property, your cost basis can be adjusted by any unrecognized rental losses.

[Herb]

I wasn't asking about tax benefits. I was looking for personal experiences and possible problems of renting home. Thanks, Herb