this post was submitted on 28 Jun 2024
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[–] earthling@lemmygrad.ml 12 points 4 months ago (11 children)

I'm really interested in the answers because I'm about to inherit an apartment that I don't plan to live in. Looking at the market, I'm hesitant to sell, as I would have to pay hefty taxes. Letting it stand empty does not make sense.

I did not purposefully purchase this apartment to make money on it, I'd much rather have grandma around, and I'm planning to sell it in about 5 years when we're gonna be looking for a new place with my parents.

My best bet is renting it out below market price and being a kind and understanding landlord, which sounds like an oxymoron to me too...

Any thoughts on my situation?

[–] HippoCookie897@lemmygrad.ml 1 points 4 months ago (1 children)

I am currently in a slightly similar situation (bought flat 1.5 years ago, was laid off, decided to leave country, if I sell I will incur fines from bank/loss vs purchase price).. I decided to rent the home until I could sell it and 'break even' hopefully in 2 years. I set the rent at as close to what I have to pay the bank+insurance+small amount (<100€) for impending repairs. This was under market (I did not actually research the market) as I received a lot of interest and comments when I posted it. I met about a dozen potential tenants in person. I let them know that I did not want to be a landlord and that I would be selling the place as soon as I could break even but that I would be the best landlord I could be regarding the living situation in the flat. I rent to a woman who seems happy with the arrangement. I hate being a landlord but I also don't want to suffer more financial hardship after being laid off and leaving country. I figure I am at least helping someone to live in a decent place for a 'fair' price that would be hard to come by otherwise.. Further, not making actual cash profit makes me feel a bit better. But I am creating equity in the property as I pay down the principal ever-so-slowly using this woman's rent money.. I don't feel good about it on the whole and will be happy to be rid of it.

[–] earthling@lemmygrad.ml 1 points 4 months ago

This sounds fair to me. You didn't buy the property to profit from renting it. I'd like to either do something like this or find a tenant whose company pays for the rent, there are many in the city - if I were to rent it.

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