Is renting out your home a good idea???

[LABSX2]

We will be coming for our Life Style Visit in September. Having been looking at a lot of homes for sale, new and pre-owned. We will not be able to move permanently for a couple more years so IF we find a home that we fall in love with the only other option would be to rent it until we are ready. I would like to know your thoughts on renting your future home to complete strangers. I would like to know the good experiences and as well as the NOT so good experiences.

[ijusluvit]

We will be coming for our Life Style Visit in September. Having been looking at a lot of homes for sale, new and pre-owned. We will not be able to move permanently for a couple more years so IF we find a home that we fall in love with the only other option would be to rent it until we are ready. I would like to know your thoughts on renting your future home to complete strangers. I would like to know the good experiences and as well as the NOT so good experiences.a

Having rented our home when we are not here for 7 years, I find guests in TV to be particularly considerate and responsible. I don't think that's a surprise for a community of mature adults. I think the biggest ingredient in successful renting is the property manager. Being far away for months of the year I simply cannot manage it myself or through a home watch system alone. After three other managers, including The Villages Property Mgt., I now have the best manager in the whole wide world. Her name is Vilas Hinkle and she takes care of every detail. It is so good to know everything is regularly inspected and cleaned. We have a great arrangement for advertising and I have no trouble renting whenever we are not there. Part of that though is because we have a pool, which attracts summer rentals. In the end, I am able to cover all of the costs of maintaining my home (except the mortgage). If you plan to be at your new home less than 29 days per year, you are also able to take tax deductions for many of the expenses of the rental property.
There isn't a downside, because of my manager. In fact, because of the rental income, and because I like to do things myself, we have added thousands of dollars of extras to our home when we are there. That is very rewarding and actually fun. Just send a PM if you want more info. Good luck!!

[Bruiser1]

We will be coming for our Life Style Visit in September. Having been looking at a lot of homes for sale, new and pre-owned. We will not be able to move permanently for a couple more years so IF we find a home that we fall in love with the only other option would be to rent it until we are ready. I would like to know your thoughts on renting your future home to complete strangers. I would like to know the good experiences and as well as the NOT so good experiences.t

One of the interesting things was the Holiday INN has people collecting Towels or ash trays. (I even heard of someone exchanging a commode seat)

We had somone collecting our authentic Walmart plastic hangers. (oohh that's nice red ):ohdear:

[kfeasel54]

We just closed on our house Friday, the 27th and are planning on renting it for a couple years until our retirement. I was a little nervous about taking care of everything myself, being in NY. I read a lot of good things about Vilas Hinkle here on TOTV and decided to have her manage my rental. Since we just closed, she is just starting to advertise it, but I am confident that we will at least have the peak winter months rented. She is very pleasant, and I really like her already just after a couple times talking with her. She is very particular about who she rents the homes to, asking questions about what they are looking for, and if she doesn't have a good feeling about them, she won't have anything available. My husband doesn't really want to rent it being a new house with new furnishings, but I am confident it will work out ok with Vilas managing it.

So, if anyone is looking for a 3 bedroom/2 bath designer home with the Sanibel pool right out the back door, I have one available beginning December '12. You can PM me.

[asianthree]

you will find that the renters who put out such a large amount of change treat your home as if it was their own, your homewatch or manager is who you need to chose carefully

[spruillie]

We have had excellent results renting through The Villages 4 Rent, with assistance from [url=http://www.villagershomewatch.com]Villagers Home Watch (http://www.thevillages4rent.com). No damage in 10 years. Allowing pets increases your (offseason) rentals.

[eweissenbach]

We have had excellent results renting through The Villages 4 Rent, with assistance from [url=http://www.villagershomewatch.com]Villagers Home Watch (http://www.thevillages4rent.com). No damage in 10 years. Allowing pets increases your (offseason) rentals.

From the renters point of view! We have rented each of the last two years, for the month of April in '11, and Feb. and March in '12. We found the first rental on villages4rentbyowner and dealt directly with him, as he gave us the keys and the info we needed when we arrived. The second was acquired by posting our desire to rent on TOTV. We have already rented the second one for next February and March through the owner. He uses Redwitch, a regular contributor to this forum, as his home watch person, and I have never met him personally. Red met us when we came in and gave us the keys and the basic tour. Our landlord had put together a binder with most of the information about the house and the Villages that anyone would need to get started. We did all the negotiations and paperwork via email and regular mail and it has gone swimmingly. We treat the rental as our own and both years we spent the entire day before we left cleaning everything as if we were staging the home to sell. Both of our landlords have praised us for the way we left their home, and we were extremely pleased with the way they handled the process.

[Schaumburger]

Another post from a renter's point of view. I rented twice last year, and once this past June. All 3 landlords were great to deal with, and I was very careful about how I treated their homes and their golf carts as who knows one of these people could be my neighbor one day. I'll be back renting in October for my next set of adventures in TV. Renting in a different village on each of my visits to TV has given me a better indication of where I would like to buy in TV in the future.

So here is to the great landlords of TV that have let this wannabee experience a taste of life in Lower Paradise :thumbup:

[senior citizen]

We will be coming for our Life Style Visit in September. Having been looking at a lot of homes for sale, new and pre-owned. We will not be able to move permanently for a couple more years so IF we find a home that we fall in love with the only other option would be to rent it until we are ready. I would like to know your thoughts on renting your future home to complete strangers. I would like to know the good experiences and as well as the NOT so good experiences.

We have rented in THE VILLAGES plus in upscale homes and condos all over Florida. I think it's especially true if the home is well maintained and comfortable, the majority of your renters will treat it as they would their own home........lovingly and with respect. It is a special breed that targets The Villages to begin with.......and I'm fairly sure they will respect your property.

It's not in a college spring break beach town etc. but in a beautifully kept community........the visitors for the most part would be retired seniors unless you are planning to rent to the younger set.

You can always ask for references.....and limit the amount of guests. Plus hold back the security deposit if there was damage.

But..........that said, back in the 1980's we'd rent a brand new Gulf of Mexico beach front condo on Sanibel Island every spring school break once the kids outgrew Disney World...........it was gorgeous; we felt so much at home. It was only three stories high so didn't give that warehouse tall condo "feel"......nice boardwalk from the elevators to the beach over the seagrass, etc. Great seashells.

Everything was brand new. The master bedroom, the living room, etc. opened onto the large balcony that overlooked the Gulf of Mexico and the beach..........pool below. Carpet was brand new, furniture, ditto.
Jetted jacuzzi tub, huge rooms, huge bathrooms, huge closets.

Over the years, it did NOT take long for STAINS to start appearing on the carpeting and couches in the t.v. room, etc. nor for the tub "not to work" and have repairmen in for various problems.

I would NOT put in the most expensive furnishings or carpet........but would replace it all when you retire into the home for GOOD.

Like any landlord has to do when old tenants move out and YOU the new resident moves in permanently..........you would also have to PAINT the walls, etc.

However, if you have found a perfect location in TV, the prices will only go up.........so if you are willing to do what I mentioned above, which is common sense..........then go for it. It will be there when you are ready.
I don't mean to furnish it with used junk..........but not to sink an arm and a leg into the furniture or decorating, only to rent it out.

[Bruiser1]

We had the opportunity to buy a Cabot Cove Patio Villa 8 years ago.
We still had work to do in our career but were excited by owing "a little piece of paradise". A few coworkers jealously said callous things like " I hope someone trashes your place."

You have to isolate the property as a Business rather than your home.Your tax prep will also help (depreciate furniture etc.)

3 years ago we had renters during all months of the year . Of course the great economic collapse has affected the rental occupancy.
You do have restrictions.. cable tv etc but since you are paying them year round it's nice to get some revenue stream coming back.
We moved down tried our patio for a month and decided to sell and move to a designer.
Sold the house in three days!

[senior citizen]

We had the opportunity to buy a Cabot Cove Patio Villa 8 years ago.
We still had work to do in our career but were excited by owing "a little piece of paradise". A few coworkers jealously said callous things like " I hope someone trashes your place."

You have to isolate the property as a Business rather than your home.Your tax prep will also help (depreciate furniture etc.)

3 years ago we had renters during all months of the year . Of course the great economic collapse has affected the rental occupancy.
You do have restrictions.. cable tv etc but since you are paying them year round it's nice to get some revenue stream coming back.
We moved down tried our patio for a month and decided to sell and move to a designer.
Sold the house in three days!

This is all good to know. Especially, about the rental market.

After renting two designers, we also decided that would be the size for us.

[lightworker888]

We have rented out ur CYV in the Jan-Mar time frame for two years. When we came down we enclosed the lanai and did the maintenance free landscaping which got covered by the rental income.

We had to pay extra for income tax prep both in the US and Canada. Now that the major costs have been covered and the home is the way we want it, we have decided to see if we need to rent it out to cover some of the maintenance costs or if we can manage it ourselves, so this year we are not renting it out.

We like not having to put everything away, although we do have storage units in the garage. We also like to not have to worry about others in our house using our stuff. We have had good renters but I think the factor that took us over the edge was the golf cart insurance issue. Our neighbour looks after our golf cart while we are away so having him come in to take the golf cart out while renter were in and not allowed to use the cart etc was enough of a discomfort for us to forgo renting it out.

We may find that the extra income is worth the added costs and discomfort and if so we will revisit the decision to get out of the market.

We love having this vacation twice a year knowing that everything is what we want and we don't have to "consider the renters" when we purchase things for the house or do anything with it.

Just another point of view.

LW888

[hulababy]

WE had to do what you did. We purchased Before we could retire. However we were lucky and did NOT have to rent it out. I would NOT want to rent my home to anyone. But that is just me. I do know people who have done it and are successful so its best you speak to them and also those who had problems. this way you get both opinions and can try to figure it out. Good luck what ever you decide!

[senior citizen]

We have rented out ur CYV in the Jan-Mar time frame for two years. When we came down we enclosed the lanai and did the maintenance free landscaping which got covered by the rental income.

We had to pay extra for income tax prep both in the US and Canada. Now that the major costs have been covered and the home is the way we want it, we have decided to see if we need to rent it out to cover some of the maintenance costs or if we can manage it ourselves, so this year we are not renting it out.

We like not having to put everything away, although we do have storage units in the garage. We also like to not have to worry about others in our house using our stuff. We have had good renters but I think the factor that took us over the edge was the golf cart insurance issue. Our neighbour looks after our golf cart while we are away so having him come in to take the golf cart out while renter were in and not allowed to use the cart etc was enough of a discomfort for us to forgo renting it out.

We may find that the extra income is worth the added costs and discomfort and if so we will revisit the decision to get out of the market.

We love having this vacation twice a year knowing that everything is what we want and we don't have to "consider the renters" when we purchase things for the house or do anything with it.

Just another point of view.

LW888

I "hear you". The owner we rented from in TV actually left all their food in the pantry, etc. and we, of course, added to it.....as we were flying home and the "dates" were still good or stuff was "unopened" in the pantry or freezer, etc.

They also left their clothes but gave us one huge closet opposite theirs.

When we'd rent on Sanibel Island, on gulf coast, the owner would have her own closet with a lock on it........and ours would be empty. She'd also leave the frig and freezer empty of food; ditto for the pantry.

She had a two woman, one man cleaning team that would whiz in and out and clean thoroughly....the big sliders, the bathrooms, the kitchen, vacuum, etc.........change the sheets, etc..........whereas the TV owners although they said they had a cleaning lady........we were told to strip the sheets , etc. off the beds, wash them before we left and were supposed to just put them on top of the bed for the cleaning lady to make up, but since they'd get all wrinkled, I put them back on............we were flying out and it's a ride to the airport...........so we checked out the day earlier**** so we could do all this "cleaning" and not be frazzled........I did towels every day for the month and did them at the end before we left as well.

We wiped down all the kitchen daily and again before we left; my husband cleaned the bathrooms, etc.........but never have we rented in a place where we cleaned.......until TV.

Oh, we also put out the garbage as instructed , each garbage day.
Good system.

Plus, my husband , while floating around in the pool under the birdcage, noticed some black mold under the coping.......or whatever it is called in Florida.......and he went out and bought a cleaner for such and did all around the inside of the pool.........even though they had a pool service who would vacuum weekly and change the chemicals, ditto. He had called the mold to the attention of the pool guy who looked at it, but didn't really treat it.

So, renters do treat these homes as they would their own. We did.

But that said, it was just like home.....and we wanted to leave it nice for the cleaning lady.

****That hotel within the Orlando International Airport is wonderful; it made the flight more restful as we were already close to the check in area for Southwest Airlines and the bagge section, etc.........just down the elevator and over............without doing the DRIVE from TV to Orlando and rental car return.....after all the "cleaning".
Would do it that way again next time. Great room service with burgers smothered in onions.........great night's sleep as we were "already there".....within the airport.
I think it's a Hyatt Regency....not sure...........but came in handy as the rental car return "exits" are so crazy......this way, flight day was uneventful and relaxing.

[NJSonja]

and after just closing on my house was told she no longer takes properties north of 466 because they are too difficult to rent!

i hadn't heard this or read this on any boards to date...

comments?

sonja

[Bruiser1]

This is all good to know. Especially, about the rental market.

After renting two designers, we also decided that would be the size for us.

Generally speaking there isn't too much adversity on the homes. The deposit and the maturity of the renters should be anticipated.:024:

[asianthree]

and after just closing on my house was told she no longer takes properties north of 466 because they are too difficult to rent!

i hadn't heard this or read this on any boards to date...

comments?

sonja

people still rent north of 466 and those who live there love it

[thistrucksforyou]

and after just closing on my house was told she no longer takes properties north of 466 because they are too difficult to rent!

i hadn't heard this or read this on any boards to date...

comments?

sonja
I don't believe that....I know many people who rent for the winter in Delmar and Rio Grande area and they love it there....

[LABSX2]

Bump

[Schaumburger]

I don't believe that....I know many people who rent for the winter in Delmar and Rio Grande area and they love it there....

I agree with thistrucksforyou. I have rented 3 times in TV, twice north of 466 and once south of 466. My next rental in October is just north of 466 in Summerhill. I have enjoyed all 3 of my past rentals, and I'm sure I will enjoy my upcoming rental in Summerhill. I would not hesitate for one minute to rent north of 466. Just my 2 cents.

[NIPAS K-9]

a

Having rented our home when we are not here for 7 years, I find guests in TV to be particularly considerate and responsible. I don't think that's a surprise for a community of mature adults. I think the biggest ingredient in successful renting is the property manager. Being far away for months of the year I simply cannot manage it myself or through a home watch system alone. After three other managers, including The Villages Property Mgt., I now have the best manager in the whole wide world. Her name is Vilas Hinkle and she takes care of every detail. It is so good to know everything is regularly inspected and cleaned. We have a great arrangement for advertising and I have no trouble renting whenever we are not there. Part of that though is because we have a pool, which attracts summer rentals. In the end, I am able to cover all of the costs of maintaining my home (except the mortgage). If you plan to be at your new home less than 29 days per year, you are also able to take tax deductions for many of the expenses of the rental property.
There isn't a downside, because of my manager. In fact, because of the rental income, and because I like to do things myself, we have added thousands of dollars of extras to our home when we are there. That is very rewarding and actually fun. Just send a PM if you want more info. Good luck!!

If you dont " mind , can you send me your experience and some knowledge of managing a rental. do and dont's long distance, also info on how the tax works, i read your old forum, since im thinking of buying a rental until i can get there, before buildout and prices increase. any knowledge would be greatly appreciated. Plz send PM Thank you

[rjm1cc]

Buy when you are ready to move in.

[ohiosbestus]

just wanted to say labsx that we are pracically neighbors, we live in hideaway hills now just below lamcaster, in fact we are going down on May 3 thru 12 to look at a home in the villages, i am having a tough time convincing my wife about the villages----anyways if she decides she doesnt want to come and leave her job here in ohio, i am looking to rent after i retire in december---- january thru march as long as the rates are reasonable. I will be alone and maybe invite some golfing buddies down for the winter months-----keep in touch.....

[LABSX2]

just wanted to say labsx that we are pracically neighbors, we live in hideaway hills now just below lamcaster, in fact we are going down on May 3 thru 12 to look at a home in the villages, i am having a tough time convincing my wife about the villages----anyways if she decides she doesnt want to come and leave her job here in ohio, i am looking to rent after i retire in december---- january thru march as long as the rates are reasonable. I will be alone and maybe invite some golfing buddies down for the winter months-----keep in touch.....

We will be making our 2nd trip down in April to look at the new areas near Brownwood. Will be buying by the end of summer and using the house for a vacation home until I retire in 2 years.

[Fraugoofy]

We rented in Glenbrook last July and it was a nightmare. When we first arrived the landlord told us to find the key under the door mat. The key under the door mat didn't work. After a 22 hour drive we were out of minds about what to do. we had a friendly neighbor come and help us for another two hours helping us un glue the lock. We had flying ants and cock roaches in our pillow cases. We contacted her at least twice a day to have a pest control person come out. They never came!! I would contact references in the future.