2006-09-03 11:52:53 · 16 answers · asked by turtle girl 7 in Business & Finance ➔ Renting & Real Estate
Funny that it takes a moron like me to bring up stuff like the emotions and memories involved.
Perhaps selling and making a clean break from death and the past is easier if not financially wiser?
2006-09-03 12:39:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Often the home is paid in full and by renting they can continue to receive income from the property and only have to pay the property tax and insurance because there is no mortgage. Additionally, they do not want to sell what is there childhood home.
2006-09-03 19:08:03 · answer #2 · answered by BritLdy 5 · 0⤊ 0⤋
If u rent out a home, you make more money than selling it for one price. Think about it. If you charge $220 a month you'd make more over time instead of selling for $350,000. Though the process is long and tedious, and you do have to work more, it's well worth the profits.
2006-09-03 18:59:53 · answer #3 · answered by Miss Carlton 2 · 0⤊ 0⤋
Positive cash flow. If you rent a house out for ten years $1200 a month = $14,400 a year 10 years = 144,000 assuming rent didn't go up which it will. If the house is worth $200,000 and You get 5% gain per year on average is now worth $325,000 + $144,000 = $469,000 - taxes and maintenance. Sounds good to me.
2006-09-03 19:39:24 · answer #4 · answered by BrokenRomeo 5 · 0⤊ 0⤋
If they got the house for free - more or less - and the house is in good shape. Why would you not rent it out? It generates income for a number of years before you have to fix it and THEN you can choose to sell. It's money for nothing!
2006-09-03 19:39:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Maybe they're waiting for it to appreciate before selling it...in many cases, it is owned free and clear, so they might as well have get some monthly income off it. They could be hanging on to it for sentimental value as well.
2006-09-03 23:34:06 · answer #6 · answered by NA 6 · 0⤊ 0⤋
sometimes they can't part with it, but can't afford to keep it along with their current home (be it a house, or apartment)
so they rent it out, so it pays for it's self until they can move in or possbably give it to a child.
that and the deceased parents might still have a morage.. but the remaning family doesn't want to part with it yet... so they rent it out so it pays for the morgage..until someone is ready to move in.
2006-09-03 19:05:13 · answer #7 · answered by cougardame 2 · 1⤊ 0⤋
It can play out better financially to keep the property as a rental.
Too it can be less heartbreaking to hold on to it especially if it's the old "homestead".
2006-09-03 18:59:05 · answer #8 · answered by Ragdollfloozie is Pensive! 7 · 0⤊ 0⤋
It's a source of additional income and helps to increase the value of their own estates.
2006-09-03 18:58:43 · answer #9 · answered by Anonymous · 0⤊ 0⤋
you can make more money that way....first , you collect profit from rent and in turn the property is building equity as the market value increases over the years...smartest move in my opinion.
2006-09-03 18:58:49 · answer #10 · answered by knufflebunny 2 · 0⤊ 0⤋