Wednesday, August 12, 2015

Loving my Morning Room and Renting Out Your Old Home

I was just talking to another blogger the other day (it might have been today!) about how much the morning room really makes my home.

I was super "lucky" when I built my Venice because I was able to build my home with the Morning Room included.

I'm not sure if I ended up having to pay more for other things or not during that time, but I don't feel like I lost any money.

I'm so eternally happy that I got the morning room instead of the finished basement option (because you can finish a basement on your own) for many reasons.  The main one being that the morning room addition added to our square footage and I just don't see where a finished basement would even compare to that.  We did finish our basement!!! (I shared some crappy photos in prior blog post)

I think once you make the decision to build a new home, or buy a new home, you just go with it. In Hindsight, there were a lot of things that I worried about while my home was being built, that I probably didn't need to worry about so much.

But, that time was a part of my homebuilding journey and it's the only way that I got here too right? Being in the home close to 4 years now, we do not regret our decision at all. Sure there are some things we wish we had more of, but for our first home build, this is a great house and in a great neighborhood.

There are a lot of people selling homes around us in this neighborhood and that has me wondering but, of the ones I know personally, they are job relocations or divorces.

I do wonder if they decided they didn't like their Ryan Home or not but the answer to that doesn't really matter because I do like my home.

Of all the homes I have ever lived in, My Venice is literally the most energy efficient. My bills are ridiculously low compared to other homes of the same or bigger size.

As a matter of a fact, my old home that I made a rental has higher bills than my new home!

Speaking of renting a home....remember when I made that decision?

For those of you out there wondering what to do with your own home, I HIGHLY recommend keeping it.


Well, for one, there is a report out there that less and less people are buying homes. Do you know what that means?

It means that you will likely have a harder time, than in the past, to sell your home.

It also means that if people are not buying homes, they are RENTING HOMES!!!!

This is great news and because of my decision to rent my old home rather than sell it, I have to do a little bit of work here and there BUT I am getting a home paid for on someone else's money.

Certainly I pay with my time in upkeep on the property and making sure my renter pays, however, I can't say enough about how awesome it is to have someone else putting down the cash to pay a mortgage on my first home.

I get to keep all that hard work I put into it and put some time in every now and then (which case you didn't know doesn't cost money...time does not cost me money in this respect) and in the end, I own a home that holds it's value and even rises in value as the area around it builds up and as inflation happens.

It almost makes me want to sell my current Ryan Home, rent it out and then buy another.

I wouldn't make money on renting my Ryan Home right now though because I don't think that the renting price would match what the mortgage is.

BUT if you are thinking at all about renting out your old home, chances are pretty good that you can rent it for close to double what your monthly payments are on the mortgage.

I make about $400 a month on my old home and of course I put it back into the home for the water bill (which I pay) and the up keep and repairs/ city fees etc..

Think about when that home is paid off though!

I get even more money in my pocket.  

So it looks to me that my retirement is going to be awesome!!

I could probably push it up a little too if I get that old house and this new house paid off asap.

Seriously, consider renting homes out.

If you can get some older homes that will do for renting, you might want to do it.

They pay for themselves and gain value while it's being paid for on someone else's dollar.

I don't know why more people aren't told about or encouraged to rent homes.

I have a friend who hates renting because she always has bad renters, but I was smart and did background checks and credit checks.  (That doesn't always guarantee much of anything but it has helped me keep a pretty sound rental income going!)

I use landlord station to help me out with stuff in that realm.  I also used a legal site and another site to help with my listing.

If I remember, I'll make sure to share it on my next post.

Speaking of posts!!!

If you are out there building your own blogs and stuff and you're building out a blog like me, learn to monetize your site.  It's not much, but it's fun to watch the traffic of your site make a couple bucks here and there.

When I started, I had no clue the "power" behind building a blog.

You know, you always hear of people making money online, but I had no clue how much or HOW people did it.

You almost feel stupid when you find out but it's pretty awesome once you know how to do it and it makes it even more fun to blog!

Alright!!'s time to go sleep away and get ready for a super productive tomorrow!

Have a great night my Blogger Friends!

1 comment:

  1. I agree with you when it comes to keeping your home. More people today are renting and not buying because of the more strict loaning processes due to the crash of the market a decade ago. These new couples are eagerly renting homes without any of the pressures, and they are helping to grow your nest egg as a result.