[ValerieJo]

Since we have a few years until retirement, we want to buy a place down there and rent it out for now.

I have lots of questions, I'm hoping some kind sole will help me out.

We saw a cute Patio Villa in the Village of Alhambra that we liked.

How likely will we be able to find renters for it?
Do you use The Villages property Management or a private Manager?
Do you find your renters or does the Property Management?
What do you typically include in the rent? Water, gas/electric, cable TV, etc. or do the renters pay their own?

Any and all information would be greatly appreciated.

Please feel free to send me a private message if you would feel more comfortable doing so.

Thanks a bunch!

[OBXNana]

Originally Posted by ValerieJo

Since we have a few years until retirement, we want to buy a place down there and rent it out for now.

I have lots of questions, I'm hoping some kind sole will help me out.

We saw a cute Patio Villa in the Village of Alhambra that we liked.

How likely will we be able to find renters for it?
Do you use The Villages property Management or a private Manager?
Do you find your renters or does the Property Management?
What do you typically include in the rent? Water, gas/electric, cable TV, etc. or do the renters pay their own?

Any and all information would be greatly appreciated.

Please feel free to send me a private message if you would feel more comfortable doing so.

Thanks a bunch!

All great questions. The answers may vary depending if you are renting long term, a year or more, or short term, by the week or month. Or, are you still keeping both options open?

[Jimturner]

Home prices are on a peek on the high side right now. Look for reduction in sales prices over the next 12 to 18 months, then another upsurge. Buying to rent now would be a mistake. I recommend buying when the current surge bottoms out. Look at summer of 2016.

[janeg]

We were in the same boat and bought a Patio Villa in Fernandina, all furniture and used Hometown Property Management. Rented if for a few months and they did a good job but it was expensive. By the way, they are not connected to The Villages. We stayed in it for 3 months then turned it over to a private person who manages properties. No renters so we were losing a ton of money. we made the hard choice to sell in Jan. 2014. Although it depends on personal finances we felt it wasn't worth trying to rent it out long distance.

We still think about moving permanently. We love it there.

Good luck to you.

[Carpe Diem]

Originally Posted by Jimturner

Home prices are on a peek on the high side right now. Look for reduction in sales prices over the next 12 to 18 months, then another upsurge. Buying to rent now would be a mistake. I recommend buying when the current surge bottoms out. Look at summer of 2016.

Home prices have been rising, but there's no way they have peaked. Despite the rise, median home prices are still $50k below the 2007 peak. There's no reason to think that they will not continue to rise as "build out" approaches . . . and by 2016 or 2017 they should reach or surpass 2007 prices.

[redwitch]

Are you talking a long- term rental or monthly rentals. If long-term, a property manager might be the way to go although it isn't that difficult to rent yourself and just have someone here available to take care of problems as they occur. If short-term with you visiting in between, get a good home watch person and rent it yourself.

Short-term, renters pay a monthly rent and you pay for everything else. One of the reasons renting in high season is so expensive. Renting for a year or more, renters usually pay gas, electricity, television, internet and phone. You pay the amenity fees, which include water and garbage, lawn maintenance, pest control.

One caveat, the further you are from LSL, the harder it is to find renters, which means you don't get premium rates. That doesn't mean no renters nor does it mean losing money, it just means offering a little more and taking a little less. It is difficult to convince folks that they don't have to be south of 466. It isn't a long distance to drive but many don't quite get that. Another, bigger, drawback is that Alhambra doesn't have a neighborhood pool, even though Savannah is practically across the street and Springdale isn't that far away.

[Carpe Diem]

We rent through "thevillages4rent.com" website. We bought in December, listed on the website and within eight hours of listing we had turned down 3 renters and accepted a fourth (to rent in Jan-Feb) because we didn't want to rent to anybody for less than 2 months. From January thru April do not rent to anybody for less than a month. It's too much of a hassle. (Peruse thevillages4rent website)

Two years ago renting was a piece of cake. As they build more homes that enter the renter market it's hard to say how things will be in the future. Historically, it was easy to get $10,000 or more for a villa for Jan thru April. (After April it gets spotty, rentals become weekly, and rents are lower.) You can do much better than that with a bigger home and effort. However, $12,500 per year should be obtainable with the website and a little effort. (Most rentals include utitilites, etc)

To save money we went with a Home Watch person. You should be able to get one for $45 - $50 per month. They check on the house regularly and report to owners. Turn off and on water, heat, and sprinkler. Give renters someone to call, if needed. Make sure renters are taking care of your house.

Village homes come with most of the things a vacationer would need. You probably need cable tv and internet service. Some renters disqualify you immediately if you don't have a golf cart, but many accept a reduced price. There are serious questions about golf cart insurance coverage. We don't offer a cart because I've worked all my life to get a home in the Villages and choose not to lose it through a golf cart mishap. Golf clubs, a grill, swim noodles, bicycles, are up to you and not deal breakers. Some might ask about a phone, but it's not worth the cost. You'll find someone.

Finding a home that is within a 5-8 minute golf cart ride to a square will greatly increase interest in your rental. Being close to a pool or other point of interest also helps.

Re: Villas - Every situation is different. We had a $500 mortgage and with all other expenses (home watch, amenities, utilities, lawn care, pest control, property tax, insurance) we got by with $17,000 total exp (mortgage and other)

[terrieb]

We are renters and the things we look for when renting a house are the following otherwise, we don't rent the house:
Wireless internet and cable TV; washer and dryer; coffee pot; linens and towels for bath and bed; definitely a golf cart and at least 2 bedrooms and 2 bathrooms just for size and room. We will not pay for garbage, utilities or cable and we never use the owners phone as we have cell phones. Hope this helps. We do not plan on buying in the Villages as we love where we live, we just like to escape the cold from time to time.

[Fraugoofy]

I'd be happy to help you in any way I can. PM me with any and all questions...

[Jimturner]

Originally Posted by Carpe Diem

Home prices have been rising, but there's no way they have peaked. Despite the rise, median home prices are still $50k below the 2007 peak. There's no reason to think that they will not continue to rise as "build out" approaches . . . and by 2016 or 2017 they should reach or surpass 2007 prices.

I hope your right, but I see a dip by late spring, to early summer. Send me this post to eat my words if I'm wrong. LOL

[Sable99]

Originally Posted by Jimturner

Home prices are on a peek on the high side right now. Look for reduction in sales prices over the next 12 to 18 months, then another upsurge. Buying to rent now would be a mistake. I recommend buying when the current surge bottoms out. Look at summer of 2016.

I have never heard or saw your prediction before. Everything I've ever seen indicates that prices are and will continue to go up.

Mom and I built our home in 2012. It has been on the long-term, unfurnished rental market from day 1. I'm retired now but my 90 year old mother doesn't want to move to TV full time so we are renting out our designer home.

We pay the amenity fee, water bill, taxes, lawn care, insurance and any maintenance. My renters pay electric, cable, internet, phone and anything else they may want. JD&V property Management manages my home and finds the renters. All expenses incurred on the rental property are tax deductible.

If I had decided to put our home on the short-term, furnished rental market, I woud be responsible for what I am paying for now and also what the renters are currently responsible for.

I hope this helps.

[asianthree]

January through March sometimes April. Pretty much a guarantee and you will turn down many people before you decide to except one. Larger homes rent rather quickly and for more money. As a whole you will not make money on a three month rental or break even. But if you can swing it financially getting the house that you want now would be a plus. Or buying what you can afford and then upgrading later would also be a benefit.

[tuctba]

When we purchased ten years ago I was only 45 and a long way from retiring. So, renting for us was a financial must. I'll never forget someone said to me you can rent a "teepee" during the winters months in TV. Ten years later that was so true. At minimum we've had January through April rented 100% of the time.

[frannieb]

Originally Posted by terrieb

We are renters and the things we look for when renting a house are the following otherwise, we don't rent the house:
Wireless internet and cable TV; washer and dryer; coffee pot; linens and towels for bath and bed; definitely a golf cart and at least 2 bedrooms and 2 bathrooms just for size and room. We will not pay for garbage, utilities or cable and we never use the owners phone as we have cell phones. Hope this helps. We do not plan on buying in the Villages as we love where we live, we just like to escape the cold from time to time.

we are renters also and have rented in Alhambra. I would NOT recommend this village. It is very small, very established and way too far from pools, golf course etc.
We look for reasonable rent (I find now it is pricing itself out of market),very clean, comfortable updated furniture...no blue carpets from the 70's, close to pools and golfing.We do like north of 466 but way more pools etc south so look there now.
Having said that prices are very high south of 466 often for what you get.
Location, cleanliness, comfort at reasonable rates and you will rent.

[daca55]

I have owned a patio villa since Dec 2010 I use to rent it only for the high season. I never had a problem finding a good tenant. Patio villa rentals get any where from $2800 to $3500/mo depending on amenities. I would definitely use a private company as they are cheaper and do a better job. I stopped renting it because I am using it now. Feel free to PM me as I have some good info I can share with you. Good luck!