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Here is a dilemma.
I narrowed down my house search pretty much to two adjacent areas.
One is really nice with good schools and everything. And second one is even nicer with more scenic views, golf club just couple blocks away and also good schools.
In area 1 there is a house No1 I like that has homestead exemption. It was previously occupied by owner.
But house No2 that is next to a golf club (and I love that area more) doesn't have homestead exemption and seems like it was a rental house.
Condition is pretty good, but I have a lot of doubts if I should ever think about buying formal rental. There are currently no more options in a golf club area...and that neighborhood is really fantastic. First neighborhood is simply very good.
But that rental status concerns me a lot. Even getting tons of mails directed to previous renters every week would be quite irritating. But there might be some maintenance issues as well. And living in house that had rental status might be psychologically disturbing.
What do you think about it? Your feedback is appreciated!
In your case, it only depends on the condition of the house and what your budget will be for the remodel.
Unless the house has a notorious history, it shouldn't be that big of a deal. For me, every house I would buy needs a new kitchen and baths no matter how old they are.
There is a former rental in a nice neighborhood near my mother-in-law. It is a busted meth-lab. It was on the news.
It sat on the market for two years. Wouldn't sell. Finally someone bought it and spent a lot of money rehabbing it.
Nice family now living there, but it will be forever known as "the meth house".
As far as the homestead exemption goes in Florida you can apply for it once you buy the home, you have to close before 3/1 or you have to wait and apply the next year.
A home that is rented will not qualify, but once you buy it as your primary residence you can apply for it.
Any mail you get after you move in you just mark "not at this address" and return it to the post office or leave it in your mailbox for the postman to pick up.
Either way someone lived in the house, a homeowner will sometimes take better care of the place, but the renter will lose their deposit if they don't take care of it. Either way you need an inspection so that will tell you the condition of the house.
We bought a house that was a partial rental. The owner lived down stairs and the tenants lived up stairs. There was a kitchen set up in one of the bedrooms and they shared a bathroom. The house was a total wreck but we wanted an old house to restore. We also got a steal of a deal. It was worth it. The only problem I had with the house was the tenants that won't leave and don't pay rent. I've never seen them but they sure are noisy in the early morning hours. It took years before we learned how to coexist. Other then that, I love the house. Restoring it has been an amazing adventure. Any property can be worth it if the price is right and it has a good location.
I understand your concern that renters themselves are unlikely to take care of a property like an owner would. But, most home owners were themselves once renters and I'll bet the properties they rented didn't have to be burned when they moved out!
Most owners I know who have rental properties in upscale areas, do a better job of maintenance and upkeep (in order to keep it profitably rented), than owners living in a similar housing. Whenever something goes wrong, the owner/investor must get out there and fix it right! -- An owner/resident often lets things go or simply patches things up. So, in that respect, you might be better off buying a previous rental property. Also, think about how much value you will add to the property by simply living there as an owner!
If you find it psychologically disturbing then I would say "No Way"...
I live in an old house it is an ex-rental but I love it and I find psychologically perfect so that is a whole different story. It has a long history.
Every house has a history, unless it is new construction and I imagine that every plot of land has buried bodies. Maybe dinosaur skeletons, or Saber tooth lions. You never know.
When I moved in I redid everything so that it wasn't contaminated from the yucky renters. They were yucky but not all renters are. Some homeowners are yucky too.
I have had very tidy and fastidious renters except the yucky ones.
Our last home, which we lived in for 14 years, had been a rental prior to our purchasing it. Yes, it took some extra cleaning before we moved in, but the house had great bones and was in a very convenient area. I never even gave it a second thought about it being a rental (and according to neighbors, there were over 15 people living in the house when it was a rental).
I would not necessarily have a problem buying a former rental property. I'd certainly get great inspection.
I don't even understand your comment about the "tons of mail" in the ex-rental house. The concern of it being 'psychologically disturbing" just strikes me as kinda nuts. My ONLY concern would be neighborhood and maitenance.
I have had a situation where someone moved out and actually refused to enter a change of address with the Post Office. The carrier said they were obligated to deliver that person's mail to the address and Post Office would not accept me entering the change of address for this person. Question is what responsibility does the actual resident of the house have when handling this mail. That can get very annoying.
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Personally, I would only bury bodies in backyards that I own.
