I am considering buying a new home and renting the one I am in. Are homeowners dues and gardening typically?

Asked by Michael, Anaheim, CA Sun Jan 25, 2009

included in the rent? Is there a source that will tell me what the rent should be, I am in Anaheim Hills, CA...its a 3bed attached house? Should I use an agent to lease the place or is there online sources that work better?

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Mahesh Mike…, Agent, Anaheim Hills, CA
Sun Jan 25, 2009
Hi Micheal: Usually the the rent that you should charge should cover your HOA fees. It should be the same for the gardening. This way you are assured your landscaping is maintained and HOA dues are paid. You do not want to get behind on HOA fees!

The going rate in AH is about $1.35/sq.ft plus or minus amenities etc... Renting out homes is easy. These days if you put up a sign on use online sites, like craigslist.com, you should be able to rent it out.. The question is are you going to have a management co take care of the house and rental work etc, then let them rent it out for you.

I would always recommend you use Realtors to help you out. We make your job easier and less stressful.
I just rented out a house today for a client in Ah for $1.257 $/sq ft., attached single family house.
Feel free to contact me for any further data you may need.
Web Reference:  http://www.mikepatel.com
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Karen Parsons…, Agent, Laguna Beach, CA
Sun Jan 25, 2009
Hi Michael,

Walter is right. There is a trend right now of people buying new homes and then dumping the homes they are in. You can work around the 30% rule a bit, if you have a valid lease and have deposited the check they give you for security....you can check with your lender to make sure, I have a great one I could refer also. The other option is to qualify for both homes, then you don't need the 30% equity requirement at all.

As far as using an agent, I normally rent out the home for free for my clients and you can offer the agent who finds the renter $500-700 and that's fine. The advantage to having a realtor is that we can run credit for you and you are not having to meet people on your own. Also....people who use a realtor to find them a home are generally of a better caliber financially than those who don't. Sometimes they are relocating, or remodeling, insurance claims, that sort of thing. That's a stereo-type...but also my experience. There is no cost to the renter, so they lose nothing by going through a realtor.

I also have a site where you can search for rental prices, or I'd be happy to send you some from your area if you email me with your address.

Happy Sunday!

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The Hartanov…, , San Clemente, CA
Sun Jan 25, 2009
To assure your HOA dues are being paid and your yard is kept in the condition you want, normally you pay for those outside of the rental agreement. However, you can negotiate whatever you want.

A local agent can give you an analysis of what is currently available at what price, as well as what has leased and for what price. If you use an agent, they will review the application, run the credit, get the items necessary for you to make a decision whether to rent to the applicant or not and write the lease agreement. You can try on-line resources if you want to do what the realtor will (or should) do. By using an agent to list it in the MLS , your home for lease should get more exposure.

if you are looking to buy a new home in the general area, you may want to consider using the same agent to help you with the purchase and the lease.

If you want to find out what the rent should be, contact a local agent who can run the report for you.
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Walter 'Skip'…, Agent, Brea, CA
Sun Jan 25, 2009
Hi Michael,
In my opinion, it is best that you pay them. That way you know they are getting paid. Also, my website shows rental properties. Just log on and you can see what homes like yours are renting for. If you use an agent you will pay 6% of the annual rent for commission. Final comment; to get a loan on the new home you are purchasing you will need considerable equity (around 30%) between the two properties.
Good luck and email me with any further questions.
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