Question for Rentors Home & Garden

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  #1  
Old 09-22-2009
MrsBeasley MrsBeasley is offline
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Default Topic: Question for Rentors

Question for Rentors

Just curious:

We are buying a new house, and if ours does not sell by the closing date we are considering dividing our current home into a 2 unit, 2 bdrms each rental. I'm figuring out the financial end and I think it seems quite high.

I'm wondering how much YOU would be willing to pay for an upstairs large two bedroom apartment in a private home, heat/lights included, built in appliances incl. dishwasher, deep freeze, shared laundry, large bathroom with whirlpool bath, garbage pickup and deck with shared large yard in Quispamsis?

How much would YOU be willing to pay for a large, basement 2 bedroom apt. with appliances (fridge/stove), heat/lights, shared laundry, 3/4 bath (shower only), garbage pickup and shared large yard with in quispamsis?

Or

How much would YOU be willing to pay to rent the entire house 4 bedrooms, with everything mentioned above with a large storage shed with power?
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  #2  
Old 09-22-2009
bradorna bradorna is offline
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Entire house with 4 bedrooms is sure worth at least $1500 a month with heat and lights. 2 apts...Top, with heat included, $1200. Basement heated, $900
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  #3  
Old 09-22-2009
MrsBeasley MrsBeasley is offline
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Thanks for the suggestions, I'm waiting on a quote from the insurance agent which might help determine how much.

I had guestimated a price and calculating everything in (taxes, sewerage, garbage, insurance, mortgage payment, heat/lights) I came up with astronomical prices of $2320.28 for upstairs and $1120 for down and that only JUST covers expenses, not including any profit at all, nothing for incidental repairs, or even snow removal!!!

Yikes!!!
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  #4  
Old 09-22-2009
momof2sweethearts momof2sweethearts is offline
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Default Topic: Question for Rentors

A house where heat and lights are included can go for a lot more. I think $2500-3500 is reasonable but if you figure in everything and you aren't going make a profit it would be better to sell. Repairs, snow removal and chancing the electric bill going higher than what you budget might put you at a loss not to mention any damage that may be caused by future tenants. (pets, smoking etc)
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  #5  
Old 09-23-2009
bradorna bradorna is offline
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oops my quote was supposed to say "without" heat included. Even so I sure was way off. If you want no stress or headaches it would be better to sell. Just my 2 cents worth....
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  #6  
Old 09-23-2009
MrsBeasley MrsBeasley is offline
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Yes, I agree it would be better to sell. However the house we wanted to buy had three other families waiting for their houses to sell as the owner was not interested in a conditional offer. So to be sure we got the house we had to put in a non conditional offer which means that if our house doesn't sell by the closing date of Nov. 6 we may end up carrying two mortgages for god only knows how long.
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  #7  
Old 09-23-2009
momof2sweethearts momof2sweethearts is offline
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Default Topic: Question for Rentors

That puts you at a tough decision, I guess you could rent it out month to month but let the tenants know that it is for sale or another option is rent to own, I'm not exactly sure how that works but there are people who are interested in doing that. If you do rent out though my biggest advice would be to rent it out without heat and lights and that way you know month to month what you need for the most part. Good luck!!
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  #8  
Old 09-23-2009
Tammy Tammy is offline
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Be sure to check with your bank/lender. Some banks automatically write it into the mortgage terms that the property cannot be rented.
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  #9  
Old 09-23-2009
heres2u heres2u is offline
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Quote:
Originally Posted by Tammy View Post
Be sure to check with your bank/lender. Some banks automatically write it into the mortgage terms that the property cannot be rented.
and I think the insurance company would have to know too (better to be safe than sorry later on if something happens)
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