Since I have moved out of my house and into my boyfriend's house, which is now refered to as "our" house, I need to do something with MY house. I have decided to rent it out. I would say it is because of the current housing market, but really, it is more to do with the sentimental attachement I have to my house. It was the first house I ever owned. It was the house I brought my babies home from the hospital to nestle in their cribs. It is the house that has had 7 different kitchen colors since I purchased it in 1998.
Yeah, I kinda miss living in that house. :( Although, fortunate for my boyfriend, I don't miss it enough to keep living there.
So, we have decided that instead of selling the house, we will just rent it out. Which actually could be a great financial move. The house is structurally sound, and most major repairs have been done within the last 5 years. (New roof, siding, A/C work, Appliances)
My mortgage on this house is only $345 a month, which includes taxes and insurance. (I bought the house in 1998, when housing was super duper cheap in this area. It is appraised for almost triple what my purchase price was 11 years ago.) But, as with all things, time has increased not only the cost of owning a home, but rent prices as well. Homes in my neighborhood that are being rented are being rented for between $600-$700 a month.
But, this means that all those minor repairs that I have been putting off because I can live with them and some cosmetic work that needed to be done needs to happen before I can rent out the house. Its nothing minor, really. Actually, watching HGTV shows such as "Design to Sell" has shown me that for a mere $2,000, you can honestly make a huge difference in price. Of course, I am not selling nor do I need to stage the home in order to rent it, but you get the idea.
To be honest, when I moved back into the house after returning from Germany (I rented the house out during that time as well) there were some things I just hadn't gotten around to. Like repainting the bedrooms. Yes, I lived with nail hole patches on my bedroom walls for 2 and half years. No big deal.
So, the last 3 days I have been painting. It looks good. I picked a lovely almond neutral color. Instead of replacing the doors which took a major beating while I was in Germany, I am doing some patching work and painting them all white, to include the closet doors. It is amazing how much better it all looks. I am kinda sorry I put off all the work until now.
But, so far I have spent $200 in paint and supplies. Oh, and carpet cleaning solution. I already own a carpet cleaner, so I am cleaning the carpets myself. I did an outstanding job if I do say so myself!
I am thinking that with about $200 more put into the house, I should be able to rent the house out for $700 fairly easily.
So that is the plan.
* I say I have spent, but I should say my boyfriend has spent. He is such a doll. Now, if he could only spend some money on getting the A/C Fixed!!!!!