I want to rent my home & move in w/my boyfriend. Will I lose my homestead exemption if I don't buy nor have a name on the lease?

Asked by Mrd, Orlando, FL Tue Feb 22, 2011

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davidwbrower’s answer
davidwbrower, , Woodstock, GA
Wed Feb 23, 2011
So far your answers are yes, yes, yes, yes, yes, yes, yes! Which one is unclear? The real question is why would you want to move in with your boyfriend. Until he's ready to call you his fiance and put a ring on your finger, I would consider staying put and keeping your homestead exemption. Have him break his lease or wait to move in together until his lease is up.. and hopefully, by then you'll get a ring. Another way around the 25 character rule Mark. And I love Carl's trick. I'll have to try it.. fax numberless of course. Good luck Mrd.
1 vote
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Wed Feb 23, 2011
Great answer Carl and also a great way to get around the 25 character rule. One question. Why would you list a fax number in a forum such as this? Padding?

Mrd, I do hope that you were not asking for advice on how to defraud the property tax collector. If you don't live in a property OF COURSE it can not be your homestead.
2 votes
Carl Head, Agent, Orlando, FL
Tue Feb 22, 2011

Carl Head
Licensed Real Estate Agent
Realty Center
407-832-4650 (cell)
407-608-6900 (office)
407-608-6908 (fax)
1 vote
Richard Tres…, Agent, Orlando, FL
Wed Feb 23, 2011
If you have a home that you own, you both move into your place instead of paying rent? There are no tax advantages to paying rent and typically it is more cost effective in the long run to own vs. rent. You will not lose your exemption if you have additional parties living at your home...the only requirement is that you (as the owner of record) live there. In a situation where the gross rent and mortgage payment are the same, you will typically save 20-30% by owning over renting assuming it is a buy/rent decision today). If you would like to see some detail examples, please feel free to contact me directly.

If you home is not large enough and that is the reason that you are moving, then please consider calling me so I can help you sell your home and find a larger one.

(Note: Broker is licensed CPA also.)

Rick Tressler

Web Reference:  http://www.tcatrealty.com
0 votes
Julie Carber…, , Saint Cloud, FL
Tue Feb 22, 2011
I will be happy to rent your home for you!
Once you change your mailing address the property appraiser will be notified - you are required to be personally living in the house you have homestead exemption on.

Property Manager
Web Reference:  http://www.JulieRents.com
0 votes
Pam Tucker, Agent, Altamonte Springs, FL
Tue Feb 22, 2011
Yes, you will lose your homestead. The property appraiser's office has a great system of finding out. When you put in a change of address it will not forward and the appraiser will find out you do not reside at the property becasue they will get their mail returned to them.

If you would like assistance in renting your home or property management, I would love to talk with you.
Pam Tucker
Veteran Real Estate
0 votes
Broker Dave, Agent, Orlando, FL
Tue Feb 22, 2011
Yes by law the property you claim homestead on must be your primary residence (place you personally live), no rental properties or vacation homes can have homestead.

Call me if you are thinking of using a property manager to handle the rental.

Hope this helps,

Dave Lowe, Real Estate Broker
GRI, ePRO, Realtor, Property Management

Community and Family Values
Web Reference:  http://OrlandoHomeStore.com
0 votes
Alan Martin, Agent, Orlando, FL
Tue Feb 22, 2011
My undrstanding is that you will not get it renewed next year as you will not qualify if yoy move out. BUT chack with the county tax collector
0 votes
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