Buy and Rent Before Moving Down to TV?

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  #1  
Old 08-22-2007, 01:27 PM
cardsfan cardsfan is offline
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Default Buy and Rent Before Moving Down to TV?

We came very close to purchasing a designer home (Bridgeport model) in Mallory Square recently with the intent of hiring a property management company, renting it for a year or two, and then retiring to the house. We got "cold feet" as there are lots of things to do (closing, hire management company, buy furniture, furnishings, etc.,) and we decided to just wait until retiring even though purchase costs could go up in the next couple of years. Has anyone on this board had experience with buying in TV, renting it out from 1,000 miles away, and then moving in after a year or two? Positive/negative experiences?
  #2  
Old 08-22-2007, 02:10 PM
Sunflower Sunflower is offline
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Default Re: Buy and Rent Before Moving Down to TV?




We bought our designer home in October 05 and placed it in the hometown property management program. We have been very satisfied with the care our home has received. In 2006 the house was rented for approximately 120 days and we received enough income to pay all bills for the year except the mortgage. Additionally , property management fees, furniture , taxes, utilities , and other items are considered toward deductions on your fed taxes. When we wanted to come down we made reservations on our own home and were very happy to find our home in perfect condition. Good luck with your decision.

Can't wait to get down to TV permanently!
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Old 08-22-2007, 02:17 PM
cardsfan cardsfan is offline
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Default Re: Buy and Rent Before Moving Down to TV?

Thanks, Sunflower for sharing your experience. I was told that the property management companies get something like 20% of the rental price as their commission. Is that your experience?
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Old 08-22-2007, 02:18 PM
larrydube larrydube is offline
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Default Re: Buy and Rent Before Moving Down to TV?

If you go thru the villages they charge 18%.
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Old 08-22-2007, 02:23 PM
larrydube larrydube is offline
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Default Re: Buy and Rent Before Moving Down to TV?

If you use the Villages to rent your house you do not have to do a thing. We bought in 2005 and will not be down for another 776 days (not counting ;D ) and they dropped us after a year. So we have been renting it out ourselves with the help of some friends in the Villages who do the cleaning after the people leave and just look after it while we are up here in Maine. The one bad thing about renting it out on your own is that you have to pay the sales tax on your own (apply for the sales tax id both state & county) and then remember to pay it. But all in all, we are glad that we are renting it. We bought at a good time and have seen the house appreciate in value. We were lucky in that we paid for ours so we have no mortgage only the monthly costs. Good luck in whatever you decide
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Old 08-22-2007, 02:32 PM
cardsfan cardsfan is offline
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Default Re: Buy and Rent Before Moving Down to TV?

Larry, what exactly do you mean by "they dropped you"? I would think they'd welcome the revenue. Also, do they offer packages for furnishings in different price ranges (furniture, dishes, etc.)?
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Old 08-22-2007, 02:40 PM
fraurauch fraurauch is offline
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Default Re: Buy and Rent Before Moving Down to TV?

We bought a courtyard villa in '04 and rented it thru The Villages. They charged 18% on your income, plus if you wanted to use it yourself, you had to pay them the 18%. Right before we took it off the rental market, we received a letter from them stating that they were going to charge us $50.00 per month for every month they were unable to rent it.

That being said, they took very good care of it. Each property was assigned a caretaker and we heard from him quite a bit. They have a rather extensive list of things you must have in your property; i.e., emergency lighting, large fire extinguishers, x number of batteries of different sizes, x number of light bulbs, etc., etc., etc.

We understand they have dropped a lot of their rental properties. I guess they just want to sell real estate.

It was profitable for us for that year with the income tax deductions, etc.
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  #8  
Old 08-22-2007, 08:02 PM
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schotzyb schotzyb is offline
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Default Re: Buy and Rent Before Moving Down to TV?

The Villages Hometown Property Management group had a lot of strong points and some not so positive. The caretaker we had was outstanding. He would call or email us at least bi-monthly and fill us in on any thing he felt was important. As one other poster mentioned their list of required household furnishings was quiet extensive.We were also dropped after two years with them; their reason was they were going to only rent "newer " homes.Our home was only 3 years old at that time. The notice on dropping us was not much in advance of the actual drop date so we had to make a special trip to the Villages to find a new group. All I will say about our current group is that cheaper is definitely not always the best way to go. Hopefully we only have a couple more months before we can relieve them of their duties if all goes as planned.
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Old 08-22-2007, 09:44 PM
LindaManson LindaManson is offline
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Default Re: Buy and Rent Before Moving Down to TV?

We have several friends who rented their home out for the time they were waiting to actually move and they seemed to be happy with the villages. My one comment is that we bought our new ranch home in January 07 and just got a new appraisal for a refi to access equity and the home increased in value by $30,000 in 7 months. It seems that appreciation should be connsidered in the equation also. (Note went down also with lower interest rate even after considering closing costs!!!)
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Old 08-22-2007, 10:35 PM
larrydube larrydube is offline
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Default Re: Buy and Rent Before Moving Down to TV?

Cardsfan,

Our home is a designer on the "historic" side. Our home is not in the area that they (the villages home management) want to keep in their inventory of homes to rent. So they told us they would not be renewing our contract with them. We were not offered any packages from them. We closed on our house on a Monday in April and had it completly furnished from living room to dishes withen 4 days. (Lots of time spent in stores and getting the furniture and what not to the house).
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