Renting your home

[JudyH]

This is for anybody, but from my reading, I want to ask Friend this question. Friend, you have a home in Cherokee Village, but you don't live there full time it sounds. Is that still so? The reason I'm asking is I would like to know if you rent it out while you're not using it, and if so, has it been worth it? We are considering this and would like to hear from others who have experience in this? Thank you.

[Friend]

Hi Judy,

I will tell you honestly what I think. First, I have not done a rental for a number of reasons. I want access to my home on an irregular basis and a rental would stop that. The other reason is some stories that I have heard. I know that it is possible to have local real estate folks negotiate the rental for you. I think highly of King Rhodes. My issue is that the local rental pool varies greatly in responsible tenants. I have heard of too many places being trashed by bad tenants. The more you charge and the better your area in the Village the less likely this is to happen. Also, if you are in the weekly or nightly rental market you are better off. Now all this is what I've heard and to some extent seen as well. To me,it's not worth the risk. But I could imagine in principle the right set of conditions coming together to risk it. Let me be clear that my comments are not a reflection on the Real Estate folks who manage properties. My comment reflects what I have seen and heard about SOME of the rental pool that is out there. So to me, it is not worth it but to others -- especially if you know and trust the tenants -- it may be worth it to you. Hope that helps.

[JudyH]

I think you misunderstood me. I am looking at renting it out for vacation rentals on a daily/nightly basis. I'm not considering renting it out to someone who wants to live in it full time if that's what you mean. If we do make it available for short term vacation type of rental, it would be available for our use when we are there. We would let them know when we were coming and that to not rent it out during that time. That's what I am talking about, but you're not doing that so maybe you can't answer my question but thank you anyway. I have talked to two real estate offices who do that type of rental and there are some pluses and minuses to this arrangement. I would like to hear from others that have experience in renting their village home out to vacationers when they aren't using it themselves. Thanks for your comments. From the way they describe it, if it's a lakehouse it gets rented out quite frequently.

[Friend]

Hi Judy,

Yes, I'm sorry that I misunderstood. The category that you are in is probably the best one to be in in CV. Let us know how it goes. Anyone else have experience in this area?

[PaigeMiller]

My sister and her husband have been renting out their home for about 10 years on a nightly basis. It pays some bills but doesn't make them much money. Never a problem with the visitors as far as she's ever told me. It would be sitting there if not being used and that's better in my opinion. And then when they come and use it everything's there for them.