buying or renting
 

is it better to buy or rent? we well only go down 4 months a year. please give some info

Re: buying or renting
 

Lets use a scenario to do the mathematics of buying vs renting.
To own a patio villa, (the least expensive new home in TV), the yearly costs will run approx $7000.00 not including the original investment or mortgage.
If you were to rent the same facility for lets say Jan, Feb, Mar and April, the rental cost could run approx. 7-8K all inclusive.
So you see its not practical to own unless you can rent it for the time periods you will NOT be there. Renting off peak months is not as easy as the prime months. Remember, if you buy and rent, you will have to furnish it with everything a livable home requires and do the leg work that a landlord has to do.
We do just as we have described and break even on the overhead costs. The nice part is we can use it when its not rented. Taking depreciation on rental property will vary depending on the amount you the landlord use it.
Hope this is of some help.
Handie :joke:

Re: buying or renting
 

Handie, that is a good analysis of the financial aspects of owning versus buying. Owning can be a pain, with all the headaches about lawn companies that don't work out, mould, tax increases, etc. But I don't think the decision is all about math. ::)

For me, there was also an "emotional" component when we made the decision to buy. I wanted the flexibility of our own place so that we can go to TV any time we want, and stay in the same neighbourhood. I wanted the security of knowing we will have the exact type of house I want with privacy in the back yard and my two dogs welcome (a Courtyard Villa backing on a golf course). My husband will often be in Canada working, and I feel secure in a Villa. I can leave my clothes there, I know a comfortable plush king-size bed awaits me, I would have friends on the street that would become my new "family" away from Canada, many intangible benefits! I can lend it to friends when I'm not using it. A more expensive way to go than renting for sure, but for me, emotional security is priceless!

Re: buying or renting
 

Both a little emotion and a little math went into my thought process.
Emotionally, I like the idea of owning the house as I do plan on living there for a (hopefully) very long time. It's a great place and I enjoy every minute I'm there.
From a math perspective, I figured if it "costs" the same on an annual basis to own or rent (say the $7 to $8k mentioned above), and there is the financial benefit of any appreciation (it will continue when the market turns around). This means you haven't just tossed the $7 to $8K away every year.
I do realize you have the headaches of owning to deal with (which for 2 years for me haven't been all that bad - a few phone calls here and there), and if you rent you obviously have the choice NOT to rent every year.
But for me - owning was the way to go.

Re: buying or renting
 

[center]The author, Kerry, has access to information I never had a year ago.center]

Re: buying or renting
 

Handie, I agree, I wish I'd had access to all this TOTV information a year ago. It is a great site. :bigthumbsup: And TV is a super place, whether renting or buying.

Only one week to go before we pull out of the driveway for that long drive to TV .. can hardly wait! :hot: :2excited:

Re: buying or renting
 

Kerry - I agree :agree:with Handie - the math for four months favors renting. I have been renting for five years - Jan/Feb/Mar. The beauty is you can find a patio villa completely furnished for anywhere from $2,500 to $2,650/MO with a cart included. You just walk away after three or four months with no worries about hurricabes, yard maintenance, bonds,taxes, etc. We love TV too but we wouldn't use a home there more than four months a year. I'm sure some of the permanent residents have other opinons but renting works for us.
P.S. I have eight other neighbors who go down at the same time period each year. Good Luck

Re: buying or renting
 

I also have rented for years in TV, and found that finding the right place was extremely difficult when you take into consideration the rental units aren't cracked up as the landlords mention. Even going thru TV Management office you never know where your staying until you get your keys. It can be anywhere a unit is available. Personally we prefer between the sumter landing and the new area around Havana Golf course. Once they tried putting us up in Mulberry for which we declined and found a unit elsewhere as TV said none could be found.

On one unit was told it was 2000 Sq Ft. designer with a heated pool. Turned out to be 1200 SQ Ft, very small bedrooms and the pool never got above 65. Of course they must have meant the tub, that couldn't hold water, but you could see water above 65.

In addition if your told a king size bed in master it should be a king, not a double and get told that was last years ad. Also you can't test the mattress till you arrive and some are so cheap you can't fall asleep.

Now we bought in Hadley Village last month, a unit maintenence free. No grass to mow and heat pump. We got the right amount of furniture that compliments our way of life and the mattresses are great.

Oh yes the pool is right across the street and its heated. So if you can afford it buy,buy,buy.

Re: buying or renting
 

Ok Bubbalarry, you are scaring me! We are renting a home for this winter to try out TV lifestyle. I have not seen the home, just the pics that were on the Internet. I certainly hope it is as it was represented! (But I sure didn't think about lumpy mattresses!)

Re: buying or renting
 

Don't go by the couple of bad experiences we encountered. I just feel that renter beware which happens everywhere, not just TV. Most landlords are truthful, it's the bad ones that ruin it. We always went with TV Management except the one time when they tried to put us under power lines in Mulberry area. We were all set to rent by Palmer course and Winifred and when we arrived got switched. House had 1 thats right only 1 television that was 21 inch. With me watching sports so much I would have lived at Gringo's.

Re: buying or renting
 

My house in Liberty Park is currently under TV Property Management program. We spent a lot of money equipping to the TV PM standards. We had a list of items that went on for pages that had to be there. We did buy only 2 tv's, and they are not great sets, The LR set is a 27", the BR a 20" (I think). The mattresses are top quality though - better than my mattress at home. I bought it in '05, and rented it in '06 for 118 days and in '07 for about the same. I use the house a few weeks a year not during Jan Feb & Mar. Rental income covers much of the expenses. I will rent it for the last time in '08 season and then move in ourselves (if my house up north ever sells).
Other than finding yourself in a spot you do not like, I would imagine all of the Property Management homes are equally outfitted. We have a care taker that looks after the home, and the home is checked regularly. One of the renters stained the sheets, and we had to buy new ones - they even have a minimum thread count for the sheets. You can't equip with yard sale furniture either. They clean between rentals, and the house always looks just like we left it every time we go there.
I wouldn't worry about renting from them at all.

Re: buying or renting
 

Emotion versus Financial - at 4 months I think you are right on the 'cusp' - we come down for 6 months and at that level it is Buy Buy Buy ...we bought a 2 bed place on the east side 5 years ago for $105,000 ...now (admittedly we've done lottsa TLC and bits and pieces ..it's what you do !!) it's worth $195,000 minimum !!

I can't see prices in the medium term (say 10-15 years) going down ..so you do have to factor in some capital appreciation ...but also the emotional thing of arriving and finding all your clothes hanging in the closet ...your golf clubs on the back of the cart ...all your stuff and photo's etc hanging on the walls ...knowing where everything is in the kitchen, knowing who the neigbours are and knowing you can knock on their door either to help out in an emergency or to come over for a cook out and a few beers and so on and so on and so on .....PRICELESS ....to me buying was the only option !!!

Re: buying or renting
 

:agree: Mike, you're right, the feeling of owning a piece of TV is priceless!

Re: buying or renting
 

barefoot, only 6 days left. We got here a couple weeks ago and I haven't been on line since we got here, too much to do to sit in front of the computer (plus I have to go to the library to get on). We'll keep and eye out for you next week.

Re: buying or renting
 

Golfnut .. I noticed you haven't been online much at all!! Everyone seems to disappear off the TOTV site when they actually arrive at TV. For a while at least.

We pull out of the driveway Monday morning. It is finally happening, I can't believe it!! ;D ;D We will finally meet the Villa we haven't seen. I haven't been this excited since I was six years old and still believed in Santa Claus.

See ya in Belvedere. :hot: :2excited: