how easy is to rent your home until you ready to move

[christos]

hello every body . my wife and i just came back from visiting TV last saturday .we both love it very much . our home in NY is not in the market yet but i was wondering if we buy in TV how easy is to rent it so we can cover some of the expences until we are ready to move? ?.Did any body had to do that?

[misky]

Glad you liked TV. Hopefully you will buy a home in the near future.

I bought a home in June, 2010. I wanted to rent it out unfurnished. In that way, the tenants pay all utilities and I don't have to buy furniture. The downside is the tenants are long term, so I couldn't use my place. That was ok since I wasn't planning on being there until 2012. I used Villages Prop Mgmt. They found a long term tenant for me within a couple of months. I more than covered my expenses (I didn't have a mortgage) and had $ left. I would be happy to share what the rent was if you send me PM. My tenant wanted to extend the lease for another year, but I declined because I will be using my home beginning in Jan. By the way, Villages Prop Mgmt told me that currently people are looking for long term unfurnished rentals. Good luck.

[christos]

thank you very much misky . that is my firt day on this side i do not now how to us it well to sent you a PM .thanks again

[RalHal]

I just registered today so I could reply to your post. We purchased a fully furnished home in TV last December, and placed a ""for rent - fully furnished" add in The Daily Sun for a week. We received a couple dozen calls and rented it monthly for Feb and March 2011, and then for a two year lease starting April 1. (We can't move to TV for 2 years). You will not have to worry about responses, if you do a little research on how the ads are written and how much to price your rental. We had planned on renting, so that's why we purchased a fully furnished/turnkey house. We bought new linens and some pots & pans and we were ready to go. We use a Villages resident who manages houses and he was great, and charged only 10%. Feel free to contact me if you want more details. Good luck!

[jgbama]

hello every body . my wife and i just came back from visiting TV last saturday .we both love it very much . our home in NY is not in the market yet but i was wondering if we buy in TV how easy is to rent it so we can cover some of the expences until we are ready to move? ?.Did any body had to do that?

We fell in love with TV in 2005 and after 7 visits and looking at homes online almost nightly, we have found a home we love and are thinking about making the plunge and renting until we can get down. I'm a little nervous about that as it was not my original plan of attack.

We were planning on a turn-key, but the home we like is not furnished, so having it furnished and all the things we will need to rent has got me a little concerned and cautious. I keep telling DW we will find our home when the time comes where we can get down. Her mom is living with us now and at 91 she isn't sure she can make the trip down.

My point is that if you aren't prepared to cover dual expenses (for months your place doesn't rent), you may have to "bite your lip" like I'm doing and hold off making the plunge. If finances are not an issue, then go for it.

All the best and good luck with your decision.

[Pturner]

Christos and RalHal,
Welcome to TOTV! Please stay and chat with us more.

RalHal, it was thoughtful of you to register so you could answer someone's question and offer encouragement. Congratulations on the long-term rental of your home. I know others who have had similar experience.

That said, I like jgbama's advice and caution. We purchased a turnkey vacation/rental in TV. However, we bought mainly for the vacation aspect. Renting during snowbird season is a bonus.

If you won't be able to use it for a few years, don't feel like you have to purchase right away. There will be plenty of new and resale homes for years to come. Whatever you decide, all best wishes!

[mgm4444]

These are some of the questions I keep mulling over as far as renting.....

Is it a near-guarantee that you will get a renter Jan-Mar?
If so, would you think the rental income pay your household bills (minus mortgage and landscaping) for the year?
How would I be taxed on rental income?
Does it pay to have cable all year, if you're not there most of the year? What does basic cable cost?
Does it pay to have a landline? I use my cell as my primary phone. Haven't had a landline in years.
If you're not there full time, can your bills get forwarded to your primary residence?
I know there a couple of "home-watchers" on this site - do they do that months at a time for people? - what is the average price? what do they take care of or look out for?

A little nervous being a "landlord"...is it more like a part-time job?

Would like to hear more pros and cons on renting....

thanks!

[redwitch]

These are some of the questions I keep mulling over as far as renting.....

Is it a near-guarantee that you will get a renter Jan-Mar?

Nothing is a near-guarantee but if your home is in a decent location and in good condition, the odds are you won't have any problems renting for the high season.

If so, would you think the rental income pay your household bills (minus mortgage and landscaping) for the year?

Don't know the facts on this one, but I think you can cover your expenses for the year (less mortgage).

How would I be taxed on rental income?

Talk to your accountant. Also, if you rent for less than 6 months to one individual, you will need to pay a hotel tax to the county in which your home is.

Does it pay to have cable all year, if you're not there most of the year? What does basic cable cost?

Comcast has a vacation plan where you can have cable turned on when the house is occupied and off when empty. I imagine if you got one of their package plans, it would turn off cable, internet and phone.

Does it pay to have a landline? I use my cell as my primary phone. Haven't had a landline in years.

You don't have to have one but renters do appreciate you having one. You can always use MagicJack, Ooma or Vonage.

If you're not there full time, can your bills get forwarded to your primary residence?

Yes

I know there a couple of "home-watchers" on this site - do they do that months at a time for people? - what is the average price? what do they take care of or look out for?

Some homewatchers will only watch for minimum periods. Some on a month-to-month. Prices range from $30-50 a month when unoccupied. Some charge a percentage of rent to watch when occupied by renters. Talk to a few, go with the one you're most comfortable with.

They make sure that things are working properly in your home and there are no leaks. They check the water, garbage disposal, dishwasher, furnace filters, your golf cart, your lawn and sprinklers and so on. Basically, they make sure things are working for you and make sure things are repaired as needed.

A little nervous being a "landlord"...is it more like a part-time job?

You can hire a property manager and you will do little to no work. You can do it all yourself and end up doing a lot of work, especially if a renter has a problem and you try to fix it from your home. You can go the middle route and take care of finding the renters and have someone else take care of your home and the renters. Seasonal renting in The Villages is a lot different from renting a home under normal circumstances. Your renters are less likely to cause damage, they're cleaner, they pay their rent. They also expect a bit more -- good towels, decent pots and pans (even if they never use the kitchen), at least middle-of-the-road appliances, etc.


You will need to have internet. A wireless router is a nice feature to have, but not necessary. If you have a golf cart, your place will rent out easier. However, the insurance issues going on right now make it problematic. Bicycles and a bbq are nice. Renters really like having them. If you'll allow pets (not really advisable, tho), you'll get a lot more renters, especially during the off season.

[jgbama]

GREAT advise and thanks. It helped me too! :BigApplause:

[mgm4444]

Wow, Redwitch -- thanks for the quick and helpful information!!

[2BNTV]

WOW Red. I think this post should be in the nuts and bolts for renters.

Thank you for taking the time to post this.

[carol805]

I love this site! I am also contemplating buying and renting for a part of the year. How do I find a property manager? I know The Villages has a property management division but have heard they charge a lot. Does anyone know what the percentage of a monthly rental they would charge?

[gego3650]

My brother bought here last October and rented fro Jan & feb. Probably wi;; dp Feb & march this year if the house up north is not sold. He has people wanting Jan,Feb & Mar but is holding out just in case he sells up north ( Illinois ) as up north he is owner occupied so rental is out there.

[redwitch]

A good property manager is Vilas Hinkle. Do a search and you can find her number. J&D used to do a good job but I'e heard othing but complaints about them in the past year. If you decide to rent yourself (not really that hard and, obviously, gives you more bang for the buck), just be sure and hire someone to watch your property and make sure your renters are happy.

[l2ridehd]

I manage my own rental and it has worked out well. I also recommend Vilas Hinkle if you plan to hire a property manager.

And a really good home watch person is Redwitch. She has done mine for a few years and has handled many different situations extremely well. And if you don't live here full time, you really need to hire a home watch person.

[mgm4444]

What is the liability renting with a golf cart? Is is the same as putting your child on your car insurance and pray they don't get into an accident? Would I be sued if thr renter bad an accident in the cart that came with the rental home? Which brings another question to mind. Home insurance,, if someone gets hurt on the property. Questions! Questions!

[l2ridehd]

The golf cart issue is discussed in a couple other threads here. The main issue is that if the person using your cart is involved in an accident, the injured party can sue you as the cart owner who allowed/rented them the cart. So insurance companies are dropping coverage on carts used for rental homes.

[carol805]

Do owners have written contracts with property watchers? If so, what is included?

[Bryant]

My brother & sister-in-law visited us in 2005 or 2006. They liked the Villages but because the Villages couldn't guarantee them substantial renters (they hadn't retired yet), they bought a furnished condo in Orlando for $225K. Apparently they were told there would be no problem renting it. They also thought it would be nicer to have a place near Disney that the kids could visit. Fastforward to 2011, only 1 child visited the condo for 1 night. They themselves have visited it for less than a week each year. It has been rented out probably no more than a dozen times by mgmt. Comparable units in their complex are now selling for about $75K now (and their monthly fees are approx. $300). I wish they had bought here because even if they hadn't rented it much, they would not have seen their money go down the drain. The Villages is a good investment (IMHO). :)

[jgbama]

My brother & sister-in-law visited us in 2005 or 2006. They liked the Villages but because the Villages couldn't guarantee them substantial renters (they hadn't retired yet), they bought a furnished condo in Orlando for $225K. Apparently they were told there would be no problem renting it. They also thought it would be nicer to have a place near Disney that the kids could visit. Fastforward to 2011, only 1 child visited the condo for 1 night. They themselves have visited it for less than a week each year. It has been rented out probably no more than a dozen times by mgmt. Comparable units in their complex are now selling for about $75K now (and their monthly fees are approx. $300). I wish they had bought here because even if they hadn't rented it much, they would not have seen their money go down the drain. The Villages is a good investment (IMHO). :)

I feel their pain. We sold our place in Panama City in March and got pocket change over what we owed, not what we paid in 2002. But, we didn't know about TV until 2005. But you can't look back. Hope to be in TV within a year!!

[allus70]

Just came back from our second visit. Looked at several homes but it was a new 3 bedroom Courtyard Villa that caught our eye. It's located in Hacienda Hills, still under construction, close to Sumter Landing, at the end of the block and because of that, there is additional space.

We like the lifestyle, but are weighing the pros and cons of buying now,renting and then moving down later.

I understand the Villages Management office will take you on at a fee of 22% if you follow their guidelines as to how the home is equipped. That seems a bit high.

As for costs other than the mortgage and taxes, I am still not sure as to what the amenity fee, water, utilities, pest control, landscaping etc. etc. will cost every month.

If we were to rent out the home as an investment, I believe there would be an additional fee and add another point to the mortgage..... and if it was rented out for less than a specified term, a 'hotel' tax would kick in.

We were told that the home would rent out at 3-4K a month, but that could only be assured for a total of 3 months. Is that a realistic rent, and is the possibility of renting it out year around remote?

Trying to get our facts and figures straight before we pull the trigger....one way or another. Any help would be appreciated.

[asianthree]

Many people want Feb and March. If you hold out you might get JAN FEB MAR
Most renters are return so many do not need to worry. After high months its a crap shoot there are so many available you need to choose if you just want someone living there or just leave it empty