H.B. asks from Richardson, TX on May 03, 2009
Should We Rent Our Home?
My husband and I are debating whether we should rent our home out. He works out of town and only comes home once a month. I really want our family to be together again. I would say that I am for renting and he is against it. What experiences have you had? What is the best way to go about it, if we decide to do it? Also, we live in a nice neighborhood but, our home is older. It needs quite a bit of cosmetic work,things like the fence and the pool needs to be resurfaced. Is it possible to rent as is or do we need to do a ton of repairs first?
R.C. answers from Dallas on May 03, 2009
For the sake of your family and Marraige I recommend renting your house and moving where your husband works! The time you are apart can never be replaced. You and your children will be happier seeing their Daddy everyday. This is the best time of year to rent or sell your home.
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K.A. answers from Dallas on May 04, 2009
You would have to go ahead and repair the fence and the pool, and everything needs to be in working order and clean. The house has to be in move in condition. Renting can be great. If you can rent it for at least enough more than your mortgage to cover general repairs and possible months where the home is unoccupied, it will pay for itself. But, you will be the one the renters call if something breaks, which can be a pain depending on how far you live out of town. There are property management companies that you can pay a percentage or fee, and they will show the property, sign the lease agreement with the tenant and take calls from the tenant for any issues that arise. That might be a good option for you if you can rent it for a fair amount more than the mortgage payment. A plus is some income tax deductions, like any costs of repair and mortgage interest paid. We have one rental and my mother-in-law has always done this, but when they had houses in Houston and Austin, it was more difficult because they had to drive there or hire work done there when something broke or the units were empty even though we are 2.5 to 4 hours away.
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C.R. answers from Dallas on May 04, 2009
I understand your pain...my husband travels and is only home 3 days a month. By any chance is your husband in Telecomm?
I would love to help you with your decision to rent versus sell.
If you want to send me your address, beds, and baths I will run a market evaluation telling you what homes are selling for in your neighborhood and also what homes are renting for on average.
Call if you have any questions!
The Trinity Group
C.H. answers from Dallas on May 04, 2009
Before I comment, there are more important questions I think. How long will your husband be working out of town? Is that by choice or necessity? I feel it is important that the children should be raised and loved by both parents -- in person. Why would a couple want to be separated from each other or the children? Moving would disrupt your 14 year old a lot to have to move away from school and friends if she is doing well in her current situation. Because of that, moving should be semi-permanent, not for short term reasons. As to renting, it is extremely risky. I know of countless stories, including my own, where the renters ruined their properties. You can check credit, references, income, etc., but there seem to be lots of people out there that could care less. Short term renters (1 year or less) may not care if you address all your home's issues as long as it doesn't affect them personally. You would want to put in the rental agmt that you do not intend to fix the pool or fence at this time. Anything you don't name, you may have to repair. Paying for a home repair warranty (like AHS) is helpful as you will only have to pay the first $50 of a covered repair. You guys would certainly need to get up to speed on how to screen renters, how not to discriminate, what your responsibilities are and are not, what their responsibilities are and are not, and how to make sure it is in a legal rental agreement.
Had your husband tried (or intend) to find a local job? If it is a great job that he hopes to keep, it has great potential, and the area would be good for you and the children, have you considered selling your house and moving there?
K.S. answers from Dallas on December 17, 2009
Have you decided on this, where do you live and how much would you rent for?