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I don’t know if this question belongs here it probably doesn’t but there are so many smart people maybe I’ll gain some perspective and get great advice.
I am currently living in a stand alone house, after my separation I made a fully separated 1 bedroom apartment in the basement and rented it out right away over the last year the reno has been paid off.
It cost me a total of 18k which included a brand new kitchen down there, renovated bathroom, new electrical panel etc. that part is great it’s paid off.
I just got notification from my excellent tenant that she is moving out in 2.5 months.
She was a great tenant but it’s a basement apartment over the time that she was a tenant I kept having to tell the kids to be quiet to not run to not be loud after 9 pm etc and I am sure it was still annoying to her at times and I am the kind of person that feels bad for these things even though i realize it’s her free choice to live in a basement apartment.
So now that she is moving out I am considering my options… I can not fully support this house long term without that income, I also hate having to do so much snow shoveling and grass cutting etc.
my options are get another tenant and do the grass snow and keep telling my kids to shut it and hopefully they are a good tenant that actually pay etc.
(I am in Ontario our tenant laws are very very very much against the “landlord” so if they don’t pay it could take months to get them out which then I am definitely screwed) or sell this house and buy a townhouse mortgage free so I can afford the townhouse by myself on only my income.
I am a single mother of teens without child support etc so what I make is mine.
This house does still have a mortgage and property taxes are about 1.5 times of what a townhouse would be while also mortgage free and utilities would be less etc.
What are your thoughts if you got this far thru my novel. Please and thank you.
VanessaIf you will be “definitely screwed” if you have a tenant issue then it sounds like selling is the answer.
If you could scrape by bare bones if you have a tenant issue then it’s more about your comfort level with the risk.
If you do decide to have another tenant, consider setting expectations with them from the beginning that you can live with.
Maybe quiet hours after 11pm and before 8am. Be clear you have kids, kids can be loud at times and that if kids forgetting they are inside and running like elephants across the floor at times will bother them, it will not be a good fit, because you want the tenant to be happy.
JuleIn the way that you set it up, a townhome sounds very appealing to give you some breathing room and also make your life as a single mom more manageable.
JenniferDid you remember to factor in townhome fees when you did the cost comparison?
HeatherMortgage free all the way. The town home will only get bigger as kids move out. We’re down to 1 kid at home out of 3, so plan for that.
Also, no mowing and shoveling as you age is awesome, and not stress about relying on others to pay and keep a roof over your kids heads.
HaseebaDef sell. The ontario landlord rules are so difficult I would not risk it since you need to income to pay the mortgage.
The professional renters in toronto area have gotton next level
StefanieI would absolutely sell. As a single mom that is too much risk
JosiahSince you have already sunk all that money into renovating, I would likely keep renting out your basement instead of going through the hassle of selling and buying something else but be extra cautious about picking out your tenant.
Make sure to sit down with your kids and explain the importance of the situation.
They should be old enough to be respectful to the basement tenant.
CarlinaIm not sure about Ontario but HoA fees are skyrocketing due insurance claims. I would be very cautious about a multi unit home.
Maybe downsizing to a smaller stand alone property with less land to maintain?
Just a thought.
JacquieMove downstairs & rent upstairs? Probably too small but a thought. Also look into renting to travel nurses & maybe soundproof flooring materials?
Just thoughts if you’re trying to keep.
Teens will be flying the coop soon enough.
MichaelIf you’re done being a landlord, be done. It sounds like you’re not really interested in continuing.
LaurieIs your tenant moving due to noise?
If not, see if they know someone to recommend if you want to stay in house.And it sounds like the condo is more appealing to you in many ways – do you have a place in mind?
Will there be noise issues to deal with there? Or are you considering townhomes?
You will be closer to your neighbors but maybe you can find a place with other amenities like a pool, workout space/gym, etc.
BethIf the tenant laws are that bad then I’d sell. If not I’d rent the whole house out.
That’s basically what I did. I rented my basement out while I lived there, but then when I moved, I rented the whole house out.
I knew that no one would want to walk on eggshells like we did, lol.
MaryWhat about renting out both parts of your current home and buying a townhome for you and your children?
That way you have 2 rental incomes.
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