Posted on: 18th Jan, 2010 10:46 am
My mother reciently added me to a property of the families. I made that place my main residence which it is. I'm single and work out of town and have an apartment near my office. Am I allowed to rent the property while I am gone?
Hi abarnard,
You will be able to rent the property while you go to work out of town. However, in that case, it won't be considered as your primary residence. It will considered as your rental property.
Thanks
You will be able to rent the property while you go to work out of town. However, in that case, it won't be considered as your primary residence. It will considered as your rental property.
Thanks
and it'd be a cold day in hades when i rented out my own primary home to someone. why would you wish to do that?
Thanks for the replys. The property is a cottage on a very popular lake. I would only rent it in the Summer months. It would be a weekly rental. Its a four bedroom cottage with 150ft of lake frontage on a beautiful lake. Similar places go for $2000.00 to $3500.00 a week. It would just help with taxes and the rest I would put back into the propery because it is an older cottage.
i get it now, and your theory makes sense, too. i guess your original question related to how your lender is going to view your renting of the home. if they don't know about it, they won't worry about it. but of course, to get back to that personal thing for me...summer is the time i'd want most to be there! i trust this apartment you have is worth staying in for a summer.