Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-28-2019, 02:58 PM
 
674 posts, read 1,155,540 times
Reputation: 305

Advertisements

Hi,

We are moving soon, is it good idea to rent the house? I don't have any mortgages so I only need to worry about tax.

is there any thing else I need to watch out? Greatly appreciate your feed back on this.
Reply With Quote Quick reply to this message

 
Old 03-28-2019, 04:36 PM
 
12 posts, read 13,554 times
Reputation: 26
Will you be moving nearby or will you need to hire a person/company to manage the property?

Most towns charge an annual fee for a rental residence and you also lose the star exemption if it's not your primary residence.
Reply With Quote Quick reply to this message
 
Old 03-28-2019, 05:28 PM
 
1,308 posts, read 1,664,894 times
Reputation: 1216
Quote:
Originally Posted by samnyc View Post
Hi,

We are moving soon, is it good idea to rent the house? I don't have any mortgages so I only need to worry about tax.

is there any thing else I need to watch out? Greatly appreciate your feed back on this.
One concern: NYS is very supportive of renters rights, if they don't pay the rent for some reason it can be a very long and drawn out process to get them out.
Reply With Quote Quick reply to this message
 
Old 03-29-2019, 09:32 AM
 
Location: East Northport
3,351 posts, read 9,760,727 times
Reputation: 1337
How long are you planning to rent it for before you sell it? In order to claim the 250,000 exclusion (500k for couples) when you sell, it needs to be your primary residence for 2 out of the prior 5 years.
Reply With Quote Quick reply to this message
 
Old 03-29-2019, 10:11 AM
 
14,394 posts, read 11,248,009 times
Reputation: 14163
If it were me, unless you have family close by to keep an eye on things and/or are paying a management company I wouldn't do it. Too much that can go wrong and not enough upside.
Reply With Quote Quick reply to this message
 
Old 03-29-2019, 02:48 PM
 
Location: Tierra del Encanto
1,778 posts, read 1,797,124 times
Reputation: 2380
Quote:
Originally Posted by kmrlongisland View Post
One concern: NYS is very supportive of renters rights, if they don't pay the rent for some reason it can be a very long and drawn out process to get them out.
This. I decided to sell my house rather than rent it after calculating the cost if something went wrong. Nonpaying tenants lingering for months, and attorneys fees, could have cost me upwards of $20K. If you don't have a lot of money to spare bad tenants could wipe you out.

I knew someone who was a serial rent dodger. Tenants can be nothing but trouble.
Reply With Quote Quick reply to this message
 
Old 03-30-2019, 07:03 AM
 
150 posts, read 110,237 times
Reputation: 191
No mortgage? Of course you rent it. Rental prices are through the roof. Bad tenants a risk, sure. So be smart. Hire the right company to screen tenants. Hire the right lawyer to draw up your lease. Don’t know the size of your house or location. But a couple grand of extra monthly income is amazing.
Reply With Quote Quick reply to this message
 
Old 03-31-2019, 12:25 AM
 
Location: Massapequa
430 posts, read 557,340 times
Reputation: 622
Quote:
Originally Posted by SeventhHell View Post
No mortgage? Of course you rent it. Rental prices are through the roof. Bad tenants a risk, sure. So be smart. Hire the right company to screen tenants. Hire the right lawyer to draw up your lease. Don’t know the size of your house or location. But a couple grand of extra monthly income is amazing.
Rental prices are through the roof because home prices are through the roof. It's also a great time to sell. If you don't need that cash now, you can invest it. Being a landlord isn't for everyone and it's ultimately a decision the OP will have to make.
Reply With Quote Quick reply to this message
 
Old 03-31-2019, 04:59 PM
 
Location: Huntington
1,214 posts, read 3,643,933 times
Reputation: 873
No. Don't rent out your house. One huge hassle, and if you get the wrong tenants you're really in for it. See my very first post here on City Data. Nightmare.

You will have a lot more to worry about than just the RE tax bill. For sure.

Just my personal experience/2 cents.
Reply With Quote Quick reply to this message
 
Old 04-01-2019, 05:59 AM
 
151 posts, read 130,068 times
Reputation: 214
Renters can ruin suburban communities and abuse homeowners. They can also make your life miserable if they don't pay or don't properly upkeep the house.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island

All times are GMT -6. The time now is 01:44 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top