Ohio Tealady
Dryer sheet wannabe
My 65 year old husband who retires next year wants to purchase a home in the Villages in FL as an "investment" and also for vacations when it is not rented. I am 57 and still working - at least until 60 or so. I have no problem with him going to FL without me for short visits. Husband's brother lives in the Villages.
My concern - "is this a good investment of over $250,000?" We would pay cash. My husband can be impulsive without looking into the fine details. Cost of maintaining the home versus the actual number of months it will be occupied. He would use a rental management company so he would not have to "do anything." He wants to buy Turnkey which he thinks he will not have to upgrade any of the furnishings as well as linens, kitchen items or interior. Are their better ways to invest $250,000?
My viewpoint - I am not interested in living in the Villages nor being a landlord. I don't think a rental home is a good investment for us. I am concerned we would be stuck with the property, the value would diminish and I would end of retiring in a location I don't want to be. I want him to spend part of his winter's in FL (his dream) either by renting for a month and/or staying with his brother a couple times. Brother and his wife are open to this. I have no problem being home working while he enjoys himself. He earned it and he deserves it.
Input from others --
1. is this a good investment?
2. what are the pros and cons of out of state rental property?
3. what are the experiences of others who have out of state rental property?
4. are their online resources to research this further?
5. other suggestions to make this a win win situation for both of us
My concern - "is this a good investment of over $250,000?" We would pay cash. My husband can be impulsive without looking into the fine details. Cost of maintaining the home versus the actual number of months it will be occupied. He would use a rental management company so he would not have to "do anything." He wants to buy Turnkey which he thinks he will not have to upgrade any of the furnishings as well as linens, kitchen items or interior. Are their better ways to invest $250,000?
My viewpoint - I am not interested in living in the Villages nor being a landlord. I don't think a rental home is a good investment for us. I am concerned we would be stuck with the property, the value would diminish and I would end of retiring in a location I don't want to be. I want him to spend part of his winter's in FL (his dream) either by renting for a month and/or staying with his brother a couple times. Brother and his wife are open to this. I have no problem being home working while he enjoys himself. He earned it and he deserves it.
Input from others --
1. is this a good investment?
2. what are the pros and cons of out of state rental property?
3. what are the experiences of others who have out of state rental property?
4. are their online resources to research this further?
5. other suggestions to make this a win win situation for both of us