Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We have friends who are considering moving here in retirement (they are in Kansas City now). The cost of real estate is very similar in both areas. They are thinking about buying here but then hubby said - why buy? Why not just bank the profit and rent here?
So that got me thinking . . . what can you really get in Charlotte for say - $1200 a month as far as a house? I don't think they want a townhouse.
I have no clue what homes are actually renting for these days, but I do know a lot of folks are renting out their homes as they couldn't sell them and had to move on to other jobs in out of state cities.
So can you get a home in a nice suburb for $1200-1400 a month? Any examples of the neighborhoods you know of where there have recently been homes for rent?
We thought about renting too, but we hated the idea of spending $1200-$1300 a month and not getting any tax break. With renting you are just throwing that money away, and you are always at the mercy of a landlord that could sell right out from underneath you. For my retirement years I want stability so buying semmed like the right thing to do and the mortgage payment is far less than the rental cost.
Location: The place where the road & the sky collide
23,814 posts, read 34,678,989 times
Reputation: 10256
Ani, I own my house outright. It's not as fancy as what most people on here have, but it's just fine with me. It's a lot nicer than what I left behind. I have one less monthly payment. All I have to worry about is the annul tax bill. It's a relief. If they can get a good deal on a house that's in a good neighborhood but needs some updating they can make it their own.
You all have made great points! Tax break is definitely something to think of and SB - you are right- there is so much security in knowing you have a house of your own.
This couple has a condo at Lake of the Ozarks in MO (2 bdrm) that they own outright. I probably should have mentioned this in my first post. So they are not sure whether they will keep the condo and stay there part of the year or what. They have one adult child who also has a condo at Lake of the Ozarks and they like to all go and spend time together. But they wouldn't want to stay there in the winter and they don't really want to go as far south as Florida.
So hubby was thinking - why tie themselves down to a second home when they could just bank the money and rent a few years til they get a feel for what they need to do. (Again, should have explained all this in my first post - I really do know better!)
Hubby said this way - no burden w/ home maintenance. If the place needs a new roof - not their problem. Plus - no taxes or insurance to pay for . . .
So we are wondering what is available here for that price range. They wouldn't have to go that high, but they can make that payment and were wanting something big enough that their kids could come visit, or friends . . . and still have a home office (hence - 3 bedrooms).
I really didn't know what to advise them about the types of homes available for rent here. They would like to be in a subdivision where they can get out and walk and have a hospital nearby, as well as groceries and other retail - and since they are our friends and like where we live, we said - why not S. CLT? But after saying that - we really have no clue what you can rent here for that price.
They feel good about staying here permanently, but since they may not want to sell that condo at the lake for a while (if ever) Hubby was thinking - why tie themselves down to a house in the meantime - get a feel for the area (even tho they really like S. CLT - who knows - maybe they would find out they would like to live at Tega Cay, for ex).
But yes - you all are right . . . w/ stuff priced so well, maybe it is not a smart strategy. And no tax break . . .
we are one of those people that took our house off the market and rented it out.
1 mile from southpark [ymca area], 4 bed 3 baths, one acre beautiful lot , deck , 2 car carport,
etc. million dollar homes , even now.
we rented it out [privately]for $1600 a month.
your friends easily should be able to find a rental in that area for $12-1400. perhaps in olde georgetown?
we are one of those people that took our house off the market and rented it out.
1 mile from southpark [ymca area], 4 bed 3 baths, one acre beautiful lot , deck , 2 car carport,
etc. million dollar homes , even now.
we rented it out [privately]for $1600 a month.
your friends easily should be able to find a rental in that area for $12-1400. perhaps in olde georgetown?
Thank you so much!!! That is exactly the type of info I was hoping to find! I knew someone on the forum must have either done this, had a friend or relative who had . . . and would have some idea about the going rate for rent or lease $$$.
That sounds like the type of thing they would be interested in. When my hubby suggested it - I thought - DREAM RENTERS - what homeowner would not love to have a mature couple in their home? And I intuitively felt that with folks perhaps leaving CLT and moving elsewhere for a job, there HAD to be lovely homes available (wh/ in the past would NEVER have been available for rent).
These would be the type of renters who, at their own expense, would plants flowers, take care of the landscaping, and keep the home immaculate.
Our friends were a bit skeptical, b/c they just couldn't believe they could find a home that would be the same thing they would actually BUY. But I just had a feeling they could.
Really appreciate your sharing the info. Now, to see where they want to go with things at this point . . .
Oh - did you advertise in the newspaper, Craig's list or just word of mouth amongst your friends and neighbors? Just wondered how you found good renters . . . cause I am wondering how to connect w/ the right potential landlord . . .
we rented to "outer circle" friends , people we knew years ago. thru friends who knew that these people were moving back.
they were moving back to CLT and are dream renters, self professed anal people.
they also wanted to know if they could plant , etc.
we would as a last resort have advertised thru the avenues you mentioned but just thru
putting this out to our friends were able to work it out alone.
how about asking your own neighbors if they know of anyone renting out their house?
how about finding houses that have sat on the market for a while?
do you know any realtors that you could ask?
our realtor has been our dear friend for 20 years and he found us our renters.
although this would be time consuming you could drive the neighborhoods of interest, sometimes people just put a sign in the yard.
once your friends decide what their plan is ,I will be glad to ask our old neighbors
if they know of anybody in the neighborhood looking to rent out their house.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
