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Good Afternoon All,
We are purchasing a house on STT but for the next few years will only get to the island a couple times a year and eventually will spend the winters on the island. Is it a common practice to rent a house, or a unit on the property, at a reduced rate with the expectation/agreement that the renter will also act as a caretaker and maintain the property, i.e. make sure the yard doesn’t get overgrown, make minor repairs as needed (at owner’s expense), put up storm shutters as needed, etc. If so, what is a common rent reduction rate? We prefer this type of arrangement, over simply hiring a caretaker, for the security of having someone living in the house versus leaving it sit empty. Your input would be greatly appreciated.
Posted : June 9, 2011 8:55 pm
Yes. I've seen anywhere to 50% to 75% off to free depending on the amount of maintenance/landscaping/management needed.
Posted : June 9, 2011 8:59 pm
Someone correct me if I'm wrong, but I believe that here on STX property management companies generally charge owners 10% of the monthly rent as their fee. ($2,500 per month rent = $250 per month fee, or $3,000 annually.) The owners also put quite a bit of money "In escrow" so to speak, for any repairs, lawn maintenance, pool maintenance, insect spraying, etc.. So, using that logic, start with the amount you would normally charge for rent, subtract 10%, then $200 for pool (if applicable), $200 for lawn care and $75 for pest control. This should give you a good base starting point at least.
Posted : June 9, 2011 10:14 pm
Fatcatg, been trying to pm you but unable to send a Pm! It would be great to contact you! If you could Pm me with a way to contact you i may have a proposition for you! Thank you! Michael
Posted : June 9, 2011 10:39 pm
Thank you for the reply! Have a wonderful evening! Michael
Posted : June 9, 2011 10:57 pm
If you do this, make sure you make your expectations very clear, preferably in writing. I've seen this kind of arrangement go bad very quickly.
Posted : June 10, 2011 8:54 am
