I’m 73 and on Social Security. I make about $1,000 a month renting my second home in Florida. But costs are rising. Should I sell my rental?

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‘What’s holding me back is that the interest rate is only 2.75% and the tens of thousands of dollars spent to finish the rental.’

Dear MarketWatch, I am a 73-year-old with two homes in Tampa, Fla. I live in one, and rent the other.

Rentals are super easy to fill, but I’m 73. Utilities are going up fast. I’ve had so many additional costs from dealing with the rental, from having to replace the grass on the front yard for $1,600 to replacing the air conditioning for $650. I’ve also had to spend $5,100 in legal fees to evict a tenant. I’m also worried about possible hurricane damage, and property insurance is out of control in Tampa. Homeowners insurance for the rental went up from $700 a year to $1,000 a year.

When times are good, I clear $1,000 a month from the rental. I like the people currently renting from me, but cannot find a property management team that will take on a non-traditional co-living house with four different rental agreements. But I feel like I need to move fast before property values fall further.‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage.

I know you feel like you’ve got a great deal, buying a house at an interest rate of 2.75%. That pandemic low rate will help you in the long run, as your home appreciates in value while you don’t pay higher interest. If the upkeep is a tiresome task, here’s a suggestion: Try to hire a part-timer, or rope in a younger relative who you can trust fully, to help you run the property as a rental. Maybe stepping away from the day-to-day for a bit can help you decide if the hassle is worth it.

 

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No

Depends your goals.

Oui!

No, raise the rent.

What a boomer problem lmao second home in Florida

Always Yes!

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