Advice Wanted - Sell the Lakefront House or Keep it in the Family?

[Sue Doe-Nym]

Originally Posted by garysanfran

I know there are taxes, maintenance, utilities, etc. in owning. But owning also gives you some upside potential in appreciation. Today, real estate in this area is probably the highest it's been...Maybe even prior to 2008 values. Look what's happened in the last three years.

The money to purchase is not GONE. It's just changed form.

I bought my family's home from my 4 siblings. We owned it for over 60 years and encountered all the sibling issues describe herein.

My permanent home is in San Francisco, 3,200 miles away making logistics for visiting complicated. I have used Bayside Rentals to rent it for part of the summer ...Pretty much pays for all of my expenses and I get to spend spring and fall there and close it for the winter. Never had one problem caused by the renters.

You can also factor in the paper loss of depreciation into whatever your income tax situation is. And almost everything you buy is tax deductible as an expense for operations.

Although you're limited to two weeks for personal use, there is no limit for maintenance stays.

Thanks for this post....it should be helpful to those pondering holding on to a property vs. selling. I would like to add a comment to castle breakfast, however....it’s probably a bad idea to clutter up a sales contract with language ensuring future rental rights. Most buyers are likely to reject such restrictions on their own usage.