Renting my home

[Bay Kid]

After 10 years I'm making my 1st move in The Villages. It took me a while.

I love my current home, a Bougainvillea model. Great neighbors and great location in a quiet area in the Village of Winifred.

I would like to rent only to a long term tenant. Any suggestions on the best way to accomplish my goal? Fair price for a good tenant?

[brianherlihy]

sell it

[rjm1cc]

VH4R Home Rentals in The Villages Florida The Villages Rentals (https://villagershomes4rent.com/)

[manaboutown]

After 10 years I'm making my 1st move in The Villages. It took me a while.

I love my current home, a Bougainvillea model. Great neighbors and great location in a quiet area in the Village of Winifred.

I would like to rent only to a long term tenant. Any suggestions on the best way to accomplish my goal? Fair price for a good tenant?

You may want to check with your accountant/tax advisor. If you are married and it was your primary residence you may qualify for up to a tax free $500,000 gain which is not chicken feed for most of us. The $250,000/$500,000 Home Sale Tax Exclusion | Nolo (https://www.nolo.com/legal-encyclopedia/the-250000500000-home-sale-tax-exclusion.html)


Then if you really want to be a landlord buy another house, likely at a higher price than your basis in your current house. This would give you a higher basis from which to depreciate the house. Again, talk to your tax advisor. Florida Landlord-Tenant Laws | Nolo (https://www.nolo.com/legal-encyclopedia/florida-landlord-tenant-laws)

[manaboutown]

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[Bay Kid]

You may want to check with your accountant/tax advisor. If you are married and it was your primary residence you may qualify for up to a tax free $500,000 gain which is not chicken feed for most of us. The $250,000/$500,000 Home Sale Tax Exclusion | Nolo (https://www.nolo.com/legal-encyclopedia/the-250000500000-home-sale-tax-exclusion.html)


Then if you really want to be a landlord buy another house, likely at a higher price than your basis in your current house. This would give you a higher basis from which to depreciate the house. Again, talk to your tax advisor. Florida Landlord-Tenant Laws | Nolo (https://www.nolo.com/legal-encyclopedia/florida-landlord-tenant-laws)

It wasn't a primary home. I decided to hire a rental company because I not here all year.

[retiredguy123]

It wasn't a primary home. I decided to hire a rental company because I not here all year.
I would be very surprised if you make enough money in rental income in excess of what you could make by selling the house, paying the taxes and investing the rest. Also, consider the hassle and risk factors. Good luck.

A rule of thumb for a good rental property, is that you should get a monthly rent of one percent of the value of the house. So, a $300K house should rent for $3,000 per month. That is not likely for a long term rental in The Villages.