Apartment owners: would you rent your home?
By camomile07
@camomile07 (1420)
Germany
May 5, 2010 6:41am CST
A lot of people who owns an apartment or house where they are not living in are wondering if they should rent it. Many people decided to rent it so they get another income every month, ones to recieve a bit of money, others to pay the apartment from this money they recieve as they still don't have it paid. Other owners prefer to have it closed, because the are frightened and worried about if the leaser would not pay so what should you do in that case. Sometimes it's difficult to keep them out.
Do you have any property which you lease to another person to get another income? What's your experience about it?
Are they positive or bad? Or do you belong to those who prefers to keep it closed?
3 people like this
15 responses
@mavieserrano728 (670)
• Philippines
5 May 10
We live in an apartment type of house and we already tried to have it rented for extra income. It was a hassle because the price that was actually not enough for their consumption especially the water. They also tend to modify whatever we have in the kitchen such as our stove. We were very dismayed because we really had no choice at that time because my and my partner does not have work. So when they paid their rent in advance, I started to work already and after 4 months, we informed them that we will increase the price, they decided to leave. We were not affected at all. In fact, we felt very relieved.
@mavieserrano728 (670)
• Philippines
7 May 10
If we have to add a separate meter, then we will end up spending. We don't actually prioritize it as of now. We are thinking of it as a potential extra income probably in the future.
@mavieserrano728 (670)
• Philippines
7 May 10
I mean after we have experienced with the first one who rented the room, we thought that we were not ready yet and have to take some time to really think of it as a potential source of income.
@camomile07 (1420)
• Germany
6 May 10
In those case, possibly a good option might be (I listened a lot of people already doing it) to includ the services like water and electricity with a limit. As I don't know the rates they charge for there where you live, I will give an example: some owners put into the contract something like 'serviceses (water and light) included until sixty dollars a month (50$). If the bills are over that amount, renter has to pay the difference.' You always have search all possibilities to assure your situation so that you won't loose.
@dsplay5 (360)
• Bulgaria
5 May 10
I've lived in a rented apartment, and I had to make a contract with my signature down. I don't think someone will dare not pay the owner because then he'll be wanted from the police. Even When I was undersigning I had to pay the half of the first payment for the month. So if I had other houses/ apartments in addition, I would rent them all.
@camomile07 (1420)
• Germany
5 May 10
Of course, as an owner of one or more apartment(s), you could rent them and get a nice and easy income. It's also very important to make a contract before renting an apartment, it's important for the owner but also for the person who rents it in case of having any kind of problems in the future. Because words can be taken away by the wind! You always have to take care of your rights.
@chenxiaoyue_713 (2165)
• China
6 May 10
Hi, camomile. I'm currently living in the school apartment and do not have my own apartment yet. But I think I may possibly rent if I have some other places to live. It'll be an extra income every month. I once rented one room in an apartment and had to pay a high rent each month. But I won't rent one of my rooms as it is quite inconvenient to live together with a stranger.
@camomile07 (1420)
• Germany
6 May 10
Hi, that's right, I wouldn't like to share neither an apartment with a strange person. If I would be short of money, I would prefer to go back to my parents home, what many people are doing right now here in Spain caused by the financial crisis.
@sid556 (30960)
• United States
5 May 10
I don't own property but I am friends with some people that do own. The lack of payment is only a small part of the problem. My friend rented an apartment to one couple who not only did not pay their rent and it cost him money to evict them, they totally trashed the place. They were there for maybe 6 months. It cost him a lot of money but he went in and re-painted and put in new carpets and repaired all the damage. It was a really cute apartment. He rented it to a young couple whom he did a background check on. They had decent jobs and seemed to be reputable. They broke up within a couple of weeks after moving in. They guy stayed on and held parties and completely destroyed the place...holes in the walls, burn holes in the carpets, graffitti drawn on the the walls in magic marker all throughout the place. It was beyond belief. It took him weeks and weeks and much money to fix the damage done. The money put into it was far greater than the rent. Of course, he took the kid to court which cost him money and the kid was ordered to pay restitution. Still, that doesn't mean the kid will pay and even if he does, it will be very slow in coming. No consideration was ever given to my friend's financial ability to put the place back up to standard but every consideration was given to this kid's ability to pay back the damage that he deliberatly caused.
@camomile07 (1420)
• Germany
6 May 10
That's of course a bad experience. I also rent an apartment so can understand their problems, even until now I had good luck and still didn't passed through a similar experience like this. So I wish them good luck and hopefully they get everything paid once the court orders it, even if it may takes plenty of time. Beside that, I usually take photos of the apartment 'before' and 'after' renting it, so when renters are leaving, I can proof changes through the photos. Of course, it won't stopp them with a bad behaviour, but you already have something in your hands to proof their attitude.
@athinapie (1150)
• Philippines
6 May 10
Hi there! My parents own two houses aside from the house we live in now. What they did is that they rented it to my mother's sister's family and another house to our family friends. It actually helped us because we have gained extra income from renting to other people those houses rather than just abandoning them. I really think it's best to lease to others a property that is yours but you just don't have the time to tend to it. At least somebody takes care of it and at the same time, pays you and also has a place to live or do business. It is a win-win situation.
@camomile07 (1420)
• Germany
6 May 10
That's also a good option. Thanks for comment. Even if nowadays there are many people who don't have a good relation to some family members and other have got the rest of their family living far away from that place where themselves live in and own a property. So in this cas, also your parents are having a kind of good luck. That's surely a nice experience.
@Jin_kamada (40)
• Malaysia
6 May 10
I do own an apartment. For me renting out is a good way to earn an extra income. imagine if yor rental is around $600 and you only required to pay the installment by $800 or may be less for around 30 years. you just need extra to pay extra $200 or less for your installment. Which mean the one who rent your apartment will help you to pay some of your installment. after 30 years or less, the apartments is yours!! isnt it good?? besides, you can always sell your apartments after complete your loan.
this is my thoughts.
@camomile07 (1420)
• Germany
6 May 10
Of course, that's right. I also think like this about having properties and I am also renting an apartmet at the moment. And you will see that already after the financial crisis you will see that the rates will grow up for selling them so you may earn a great money because, once you sell it, you should get more for it than you paid.
@lelin1123 (15595)
• Puerto Rico
5 May 10
I have never leased or rented out my homes. I have my home on the market to sell right now. I thought for a moment of renting it out but I have heard to many horrible stories. You have to remember a tenant will never take care of an apartment as good as the owner. They don't care because it doesn't belong to them. The other thing is if something happens that they stop paying rent and you try to get them out they will trash the apartment. I have seen picture of diasters and have heard the stories. Holes in the walls, garbage and their belongs thrown all over the apartment. Its just not worth it to me. Unless you know the people family or friends I would never rent or lease my home or apartment.
@camomile07 (1420)
• Germany
5 May 10
Bad experiences of course, but it depends on the person you rent it to. That a person rents an apartment or house, doesn't mean that he or she does not take care of your property because he or she isn't the owner. If the renter does not take care, it's because the person is irresponsible with almost everything. So someone who wants to rent a property has to be very carefull with whom you rent it to.
n Spain, many people couldn't pay their properties any more and had to give up their properties. Because of the financial crisis, more people are renting an apartment instead of buying their own one (as they used to before any crisis). As many renters stopped paying because they lost their job, the spanish government dictamined a new law which helps to the owners to take out of the apartments faster the non-paying renters. New helpfull laws for owners which should help them rent their properties instead of keeping them closed.
@jugsjugs (12967)
•
5 May 10
My husband and i were only on about this a few months ago and we were saying that perhaps in a few years we may rent our house out and either rent a smaller one or even buy another house.This way there would be extra income aswell as we could down size and become owners of two houses.
@camomile07 (1420)
• Germany
5 May 10
That's an easy earned income always if you have the right person in. The person who rents your house has to be a correct person who takes care of what's yours and he or she has to be a good payer and always in time.
@ebuscat (5935)
• Philippines
6 May 10
For me we rent the lot only but the house it's our own there's many problem specially in the time of payment during end of the month many bills to pay.
@Ladyslipper (1327)
• Philippines
6 May 10
It depends on the situation. If I don't need the property anymore I'd have it sold rather than rented. However, if my goal is to have a continuous income then I'd have it rented. It really is scary to rent out properties because the person who might rent it might end up not able to pay or unable to maintain the place in good condition.
That's the reason I would be choosy when it comes to my renters. I'd not just rent out the place to everyone who wants to rent it. I'd rent it out to someone I have confidence and trust. Aside from that there should always be a lease agreement.
@Cutie18f (9551)
• Philippines
5 May 10
In my case, I am the one who is always renting a house or an apartment. I may be delayed a couple of months in the rent but that is the longest. I try to pay my rent on time. If I own many houses or apartments, yes, I will rent it out for extra income but maybe it is necessary to screen those who want to rent.
@camomile07 (1420)
• Germany
5 May 10
Yes, sometimes at more nowadays you have to be sure whom you rent your properties in case of having some. So it might be a good idea to proof the person first. But it's still a risk anyway.
@phoenix8606 (4942)
•
5 May 10
hell0!
well, i don't have an apartment, but
I guess that if i have some someday
I would never rent it, because I actually
don't like when someone is in my property and
do what he/she or his/her family wants, because
i have bought this apartment with my own money and
the rentners can ruin it, and here in my country
people really don't like to keep that's what isn't
theirs :( and they just move out when they want
without any notifications!
so that's why I won't rent my apartment/house
if I have some, but maybe if I really need some money
and there is no other choice then I would]
probably rent it, but only till I have the money I need
and then will just stop renting it to strangers!!
.....
@newtalent (1112)
• United States
5 May 10
Well renting a primary home in Florida would put you at risk of losing your homestead exemption if you should have it, so I would look at the income versus the tax liability. The I would also be afraid of potential damages to the property, or the tenant not paying and having to still pay all the bills while I file eviction papers and get them put legally. It is a hassle for short term in my opinion.
@weeny2010 (11)
• China
5 May 10
if i own an apartment or house ,i may be very pleased to live with the one that likes my house.but the one must be match my condition.and so we can decorate our house together according to our own favour.That will be a dwelling place with fine sweet.
@camomile07 (1420)
• Germany
5 May 10
But sometimes it might not be easy to share home with another person and more difficult it could be if the other person is a stranger (a person you don't know yet). So you should be very careful with this.
