Thinking of renting out the family home

berrytree wrote: ↑ Just wanted to see if anyone had any perspectives on some of my plans.

Last year, I lost a baby and a job. The employer was nasty and lied, but there is nothing I can do.

Anyway I am thinking of moving overseas. I live in Vancouver. What are your thoughts on if I rent out the family home. This gives us:

1. Some income while we rent overseas
2. A back up plan in case I come back
3. With the capital appreciation, I'm afraid that if I sell I won't be able to get back in.

Thanks

berrytree wrote: ↑ Just wanted to see if anyone had any perspectives on some of my plans.

Last year, I lost a baby and a job. The employer was nasty and lied, but there is nothing I can do.

Anyway I am thinking of moving overseas. I live in Vancouver. What are your thoughts on if I rent out the family home. This gives us:

1. Some income while we rent overseas
2. A back up plan in case I come back
3. With the capital appreciation, I'm afraid that if I sell I won't be able to get back in.

Thanks

berrytree wrote: ↑ What are your thoughts on if I rent out the family home. This gives us:

1. Some income while we rent overseas
2. A back up plan in case I come back
3. With the capital appreciation, I'm afraid that if I sell I won't be able to get back in.

Furcorn wrote: ↑ Not a bad idea. Do not expect to make a profit. That would only be a bonus.

Factor in change-of-use for your principal residence, and also the time to boot the tenant when you return and want it back for personal use. Keep in mind the property could be damaged and worn-out when you return, too bad for you. You will also need proper accounting for expenses (e.g. mortgage interest, maintenance, property tax), potential increase in property value of your income generating investment. If you know nothing, get some tax/accounting help.

You did not say whether you have any experience as a landlord. If it goes poorly, and it can, you can be majorly screwed.

realtorhome wrote: ↑ Sorry for your loss.

If you do rent out your family house, consider the tax consequences. Just because you are collecting $3k in rent here, may not mean you have $3k net to spend overseas.

Depending on where you are going, if the prices over there will appreciate as well, it may make sense to sell and buy overseas. Another alternative is (if the situation permits) is to downsize, get a condo in Vancouver and get a property wherever you are going.

berrytree wrote: ↑ No experience as a landlord. Do you think an experienced property manager could alleviate any potential issues?

dougboswell wrote: ↑ I would not leave the country and my house without a professional management company left in charge. They will do everything including looking after emergency problems and repairs.. Sure you are paying for the service but it is an expense gainst rental income.

Furcorn wrote: ↑ It could help with a small portion of the overall problem, i.e. maintenance. You have bigger worries though which you seem to have ignored.

berrytree wrote: ↑ Thank you..

@BigDurian Do you know what rates are for property managers? Do they look after everything in effect?

If there are damages or problem tenants, would they be the ones who deal with it? I'm considering leaving furniture here too.

Also, who pays utilities or cost for repairs (sorry for all these newbie questions)

Thanks so much