When we bought this house and saw it had an apartment, at first we were excited to rent it because the moeny would definitely help, although we didn't NEED that extra income. Now that we both have new jobs and bigger salaries we definitely don't NEED the extra money. Ray wants to rent it for now because we don't need the extra space in the house right now and he looks at it like extra money for us to put into savings. As time goes by and we are getting closer to moving into the house and out of the apartment I am getting nervous about having someone live in my house. I am afraid of them burning it down or something crazy like that! What would you do?
slwh2005
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Re: Apartment: to rent or not?
After being a renter of an apartment in a house for many years, I definitely do NOT want a house with an apartment. You lose privacy and I have never had an apartment in a house where noise is not a factor. In your case, I think the only way I would rent it out is to someone I knew. I think I would be nervous with a stranger in my house, plus you hear horror stories about awful tenants and then it's impossible to get them out. I'm sure it would be nice to have the extra money though. Tough decision!!
halloweenbride04
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Re: Apartment: to rent or not?
DH wants to try to find a house with an apartment in it so we have the option for extra income. I hear you about your concerns but you can do an extensive interview with people and limit the rental to one person. I would say if you have the apartment ready rent it, even if you do a six-month lease to evaluate how it's working out.
KarenB
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Re: Apartment: to rent or not?
My DH refuses to rent, I would consider it. Good luck w/whatever you decide. Maybe you should get used to being in the house first and then decide if you want to rent it.
cluelessbride
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Re: Apartment: to rent or not?
Hi Julie!
Growing up we had a tenant, a very very sweet old lady. It was great b/c she was super quiet, but my parents NEVER raised the rent in 15 years b/c she was on a fixed income and they felt bad.
I bring that up b/c I think in a house you wind up with one of two kinds of tenants: those you hate and want out (b/c they are loud, dirty, late with rent, etc),
or those you like but then they are right on top of you and you have to see them all the time and interact with them. You lose privacy.
Working with Math grad students I'd say that if you want a quiet tenant, rent to a Stony Brook Math PhD student!
julz33
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Re: Apartment: to rent or not?
We live int he apartment right now actually while we are working on the house. it is very private from the rest of the house. There is a seperate entrance on the oppositte side of the house from the driveway, and there is an enclosed patio area also. Our neighbor has the same apartment in their house and the tenant is a student from Stony Brook. He is a great guy. He is almost never home and is very quiet. Maybe I will ask him if he has a friend. A 6 month lease is a good idea.
btrflygrl
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Re: Apartment: to rent or not?
as a landlord you can do a credit check and background check and go with references! Do it on your terms....take the extra money and RUN!!!
DjPiLL
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Re: Apartment: to rent or not?
Rent it. Its free money. Take the rental money and pour even more cash into fixing up the house.
Rentals are not forever.... you always have the option of not renewing somebody's lease if you want them out in time.
cocoa
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Re: Apartment: to rent or not?
i would rent it...not only is it extra cash, but you will have this apartment for when you have kids. i always had it in my head that if my kids wanted to commute to school, at least they would have that living on their own mentality by having an apartment in our house.
Janice
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Re: Apartment: to rent or not?
I would rent it and try it out. In a couple of years you will have kids and possible want to be a SAHM for a while, so it would be supplemental income
kelly4
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Re: Apartment: to rent or not?
We rent out the den portion of our house wich is secluded from the major living spaces in our house. We made it in to a studio and have rented it to a VERY quiet and VERY great tenant from Stony Brook.
He often goes to Japan to visit his family for months and like clockwork gives us either the entire months in advance when he goes or wires it to us.
I do sometimes worry about a fire but he is very responsible and doesn't have a full kitchen. He just has a microwave and refrigerator. He takes out food most of the time. His enterance is in the back of the house away from us. We never worry that we are making too much noise adn we hardly ever hear him.
We do not need the extra money for making our mortgage payments, right now it's for extra spending money in remodeling our house (which is almost done ). We have been thinking of taking back the den and redoing it but since he is such a great tenant I am willing to have him live here until he graduates from College (another 2 years).
Good Luck! If you do decide to rent- Stony Brook Housing Services placed the ad for us and we got a very overwhelming amount of responces. All candidates were either grad students or ones that were undergrad and wanted somewhere private and quiet to live for studying purposes.
PS- your house looks GREAT!
Kate07
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Re: Apartment: to rent or not?
I say rent it. Even if you don't really need the money - you can always use it! I wish i had lived off campus during college. Don't get me wrong, college life was great partying etc. But I'm the type of person who likes quiet and I knew many people who were the same. I'm sure you could find someone who is very respectful and courteous. Good Luck !
RedHead
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Re: Apartment: to rent or not?
I wouldn't unless i knew the person. I have heard TOOOOOOO MANY horror stories to VER want to do this... A friend of mine rented the top floor of her house and the guy, who's credit check and references were excellent, STOPPED PAYING RENT! They had to go through the whole proceedings to get them evicted (which i think was about 4 months later) with them never paying a cent!
My friends was just sooo devestated, lost too many nights sleeping with this minster IN HER HOUSE!
So nope i will NEVER EVER RENT
kelly4
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Re: Apartment: to rent or not?
My in-laws own houses all over LI and rent them out. They rarely have a problem, but they do extensive background checks and have their lawyer put clauses in the lease about not paying rent on time and eviction (they have the right to enter the house if rent is very late and toss everything on the curb). It must be leagal since the lawyer drafted it.
PS- when they toss the person out the change the locks and they only had to do this once.
Jola
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Re: Apartment: to rent or not?
I know that feeling. It is your house but your 'new tenant' sees it as his/her place as well.
I get worried as well when I hear a loud noise or something and worry what he/she is doing to our home.
You should definently rent it out though, even though you don't need the extra money to pay for the bills, it is a great way to save up on your future childrens college tuition
lullabella
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Re: Apartment: to rent or not?
It would be great extra savings money. I say put an ad in the paper and only rent it if you find someone you are really comfortable with. O and definately a NON SMOKER! That would be my #1 qualification.
julz33
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Re: Apartment: to rent or not?
Thanks for the responses! I am still undecided but Ray really wants to rent it. I am going to have to do a lot of research!
kelly4 you have FM!
dengal
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Re: Apartment: to rent or not?
I would rent it out - post something at Stony Brook. Maybe you can find a medical student who's always working or studying. Djpill is correct, it's free money. If you are hesitant, try something short-term to see how you like it.
