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Looking for collective wisdom of this forum again. I am retired, and my spouse will be within 1-3 years. We have inherited a SW Florida condo with 2 BRs + den. We have been going to FL beaches for decades, and theoretically we could become snowbirds in the condo. However, having spent less than two weeks in the condo this winter we got utterly bored, and now we question the idea of living there for three or more months at a time. I'd be inclined to sell the unit and travel to different places instead. The total expenses of keeping the place (with two old cars) come to about $19K per year -- not exactly chicken feed.
At the same time, our son is ready to leave the nest. He is planning to move out of state with his girlfriend, who is much younger and without a steady job now. We've been debating the idea of having them live at the condo, contributing about $2K per month toward our carrying costs. We don't want to officially rent the condo to them or to others. Also, rentals would be subject to a rigorous review and approval of the HOA, as there is a 10% cap on leased units, so both official and unofficial renting might not be even possible.
Our problem with with "renting" the condo to our son and his girlfriend is that it ties our hands if and when we decide to sell the unit. We can have both of them sign an agreement stipulating that they must pay the money and that we reserve the right of asking them to vacate upon a 60-day notice, etc., but it's easy to foresee their reluctance to leave ("I just found a job here. Where are going to go? Aaaaa!"). At that point, a prospect of evicting our own son would be highly stressful.
At the same time, our son is ready to leave the nest. He is planning to move out of state with his girlfriend, who is much younger and without a steady job now. We've been debating the idea of having them live at the condo, contributing about $2K per month toward our carrying costs. We don't want to officially rent the condo to them or to others. Also, rentals would be subject to a rigorous review and approval of the HOA, as there is a 10% cap on leased units, so both official and unofficial renting might not be even possible.
What says you?
The reasons why-not are bolded. Two youngsters, first place, no jobs, they're not going to pay that much rent reliably. This will not be the help you think it will be for your costs.
And, if you're not supposed to rent it without the HOA approval, then you aren't supposed to rent it without HOA approval. It will be noticed. Higher percentages of rentals in a condo unit affects the ability of all to get mortgages on the properties when they sell.
If you want to rent it, it should rent legitimately for market rent and make a profit. If you can't do that, then I would sell it.
Last edited by Diana Holbrook; 03-17-2024 at 03:53 PM..
Just to clarify:
1. The son does have a good job, and he will be working remotely (he has obtained a permission).
2. Whether we rent officially, or letting the kids stay as caretakers, the HOA will require a full application from both of them, with criminal and credit reports, references, etc. The reason we don't want to call it renting is that even in FL there are probably certain protections for renters against eviction. As I understand, it's the same when the seller wants to stay in the house past the closing date: That stay is generally not called a rental but temporary occupancy.
This sounds like a can of worms you may not want to deal with.
By-laws require HOA approval for rental. The cat will be out of the bag in no time. Then you will deal with the respective penalties. They can turn into an attachment and a problem during closing when you sell.
You really expect the youngsters to pay rent and utilities on time, keep the place up and be model tenants? Party town!
What if your son has a financial setback or loses his job but wants to stay while looking for another job?
What if he and girlfriend break up and she refuses to leave?
Will they have guests stay at your home?
Will they get pets?
What if there is damage to your property?
I had a friend who didn't extinguish charcoal properly after a cookout and caused a fire while in her parent's property.
What if they or invited guests get injured on your property?
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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My advice is to watch some episodes of "Judge Judy" repeats, and then you will either decide to forget the idea, or will go through with a full legally binding rental agreement, take many photos of the place before they move in, and have them by renter's insurance.
We have been going to FL beaches for decades, and theoretically we could become snowbirds in the condo.
...
our son is ready to leave the nest. He is planning to move out of state with his girlfriend, who is much younger and without a steady job now.
...
We can have both of them sign an agreement stipulating that they must pay the money and that we reserve the right of asking them to vacate upon a 60-day notice
No just no, but HAIL NO, for all the reasons already mentioned.
I had a house that I let our daughter live in for a mere $300/mo. She had a full-time job, her own car, and a roommate, and still didn't pay the rent because she thought she could get away with it. I had to evict them. Never again.
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Rent or "rent"
