My dilema--Rent, co-own or?

My dilema--Rent, co-own or?

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  #21  
Old 10-14-2019, 03:15 AM
OlifOlif OlifOlif is offline
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What about finding a rental near the outer bends?
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  #22  
Old 10-14-2019, 06:21 AM
Back9 Back9 is offline
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What's the "outer bends"?
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  #23  
Old 10-14-2019, 06:33 AM
Back9 Back9 is offline
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Room-mating?

What about room-mating?

For single people this looks like a good option.

Any thoughts?
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  #24  
Old 10-14-2019, 07:33 AM
HappyRetired HappyRetired is offline
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Someone once told us that the break-even point for buying vs renting was 4 or 5 months, renting during the "high" season. That being said, we liked it here so much we sold our house up north so we wouldn't have 2 houses to maintain. Depending on where you are, selling a large home and either buying smaller or renting up north and buying here would make sense. Our kids moved to other places so we had no reason to stay in that northern location, so our decision was easier. Good luck!
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  #25  
Old 10-14-2019, 01:18 PM
newgirl newgirl is offline
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Great idea!
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  #26  
Old 10-15-2019, 12:37 PM
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Quote:
Originally Posted by jcraycraft View Post
Not at all
The replies have been geared toward whether to buy or rent based on the Title of my thread which can be mis-leading
My dilemma per the thread itself was a choice between buying a home and then renting out when we're not there or trying to find a compatible co-owner and avoid the renting hassles
That's why I asked to close the thread
If you want no work then rent. If you don't mind doing a little work then buy it and rent it out when you are not here. If you want to rent it just Jan-March it will pay for all the upkeep and then some and you can live here the rest of the year. It is probably a wash financially until you sell the house and take the profit, but even that you can beat in the Stock Market.
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  #27  
Old 10-15-2019, 10:06 PM
tophcfa tophcfa is offline
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Just a thought on co-owning or room-matting. There is a deed restriction that says Villages homes are only to be used as single-family residences. I suppose if you are co-owning or room-matting with a close relative, like a brother or sister, all would be good. But if someone wants to pursue these options with an unrelated party, you would most likely be violating a deed restriction. Since it's an internal deed restriction, it is doubtful it would be enforced, but you still would have to live with yourself knowing the violation. I guess that decision would put you in the same place as the many Villagers that rent rooms out if their home, while the are living there, using Air BNB or similar services?
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  #28  
Old 10-16-2019, 07:28 AM
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asianthree asianthree is offline
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Quote:
Originally Posted by tophcfa View Post
Just a thought on co-owning or room-matting. There is a deed restriction that says Villages homes are only to be used as single-family residences. I suppose if you are co-owning or room-matting with a close relative, like a brother or sister, all would be good. But if someone wants to pursue these options with an unrelated party, you would most likely be violating a deed restriction. Since it's an internal deed restriction, it is doubtful it would be enforced, but you still would have to live with yourself knowing the violation. I guess that decision would put you in the same place as the many Villagers that rent rooms out if their home, while the are living there, using Air BNB or similar services?
Two couples can buy a home, with no issues. They do not have to be related, 4 resident passes are issued, however if you want to rent all 4 must be turned in.
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  #29  
Old 10-16-2019, 09:18 AM
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eweissenbach eweissenbach is offline
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Originally Posted by eweissenbach View Post
We rented for five years with another couple who have been longtime friends. In that time we never had a contentious disagreement and enjoyed doing things together, he and I golf and pickleball, the ladies Zumba and yoga. We looked at homes during that time to buy as co-owners. We checked with TV and were assured that up to four owners on the title would qualify for resident IDs. The complications would be primarily in the case of a death, or a change of mind by one of the couples. This could be addressed with a legal buy-sell agreement, specifying the terms under which those complications would be addressed. (I am a CLU/ChFC with 25 years in financial services) We ultimately decided to buy individually and currently own homes in Sanibel, about three blocks from one another. If you can be relatively certain you can get along extremely well with the other party, co-ownership can offer some advantages - sharing the cost of buying - sharing the costs of maintenance - sharing the taxes, utilities, amenity fees etc.
Quote:
Originally Posted by tophcfa View Post
Just a thought on co-owning or room-matting. There is a deed restriction that says Villages homes are only to be used as single-family residences. I suppose if you are co-owning or room-matting with a close relative, like a brother or sister, all would be good. But if someone wants to pursue these options with an unrelated party, you would most likely be violating a deed restriction. Since it's an internal deed restriction, it is doubtful it would be enforced, but you still would have to live with yourself knowing the violation. I guess that decision would put you in the same place as the many Villagers that rent rooms out if their home, while the are living there, using Air BNB or similar services?
When considering buying as co-owners we checked with The Villages and were assured it was NO PROBLEM and that resident passes would be issued to up to four people that were on the title.
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  #30  
Old 10-21-2019, 04:49 PM
Dlbonivich Dlbonivich is offline
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You should probably live here in TV 6 months and 1 day so you can take advantage of no state income tax and home stead on you real estate taxes. You can rent out with a management company January February and March with a pretty high income. If you want rental info I can give you information what you can expect to earn based on location and model and months.
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