Quote:
Originally Posted by Sw0op
you should figure out if you plan on living in that house forever and if you need the extra rental income to support your lifestyle/retirement/mortgage. if you don't need the income, then go with the massive house but if you do ever decide to sell it good luck with that unless prices drop down dramatically. I've seen some 3 storey homes in the lower mainland not designated for a suite downstairs and you know for sure they're either gonna sit on the market for a loooooooooooong time or they'll have to take a massive haircut on their asking price...with high prices these days, people want the extra rental suite in case they need to the rental $$
re: renting
it's not really that bad..for sure you will get one bad apple and it will sour your experience but you'll get to pick and choose for the most part. We rented our place twice over the past 2.5 years...the first time there were just so many inquiries we had to up the price twice..it was ridiculous...the second time I think we had like 80 inquiries over the span of 1.5 weeks...the first time we were admittedly slightly underpriced but the 2nd time we thought we were fair value if not even on the high side...you'll for sure get to meet some interesting people...there are a few where you know it won't be a good fit though
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do you mind mentioning the price difference? i will be on the same boat soon and have just begun researching about tenants and rates.