- Joined
- Sep 14, 2007
- Messages
- 121
Hi Everyone:
Just seeking some thoughtful advice on a situation that is very stressful for my parents. (particularly on my mom)
It`s a situation that a lot of you have probably heard before; my parents have reached an age where they would like to downsize, and more importantly, have condo-like lifestyle with little yard maintenance.
So they bought a nice half duplex in Magrath (SW Edmonton that`s very new and a nice neighborhood) that is to be completed late May. And of course, the house that they are selling, is not worth what it was 1-2 years ago. So now they`re in a bind because the selling price of the current home won`t pay for the new home, and that is very worrisome for them, because they`ve worked very hard all their lives and lived in a paid off home for many years.
So rather than follow the realtor`s suggestion of lowering the list price of the current home, I now have them discussing the possibility of renting out the new home. The new home is very nice, with lots of upgrades, fully finished, I bdrm up, 2 bdrm down, all maintenance taken care of. My mom and dad paid $735K.
My question and assistance I am seeking is, what is the current market like to "super-suite" this house and rent it out, fully furnished with all utilities included (including the shaw pkg of tele, internet, and tv). Is there a market in Edmonton for these "executive-type" rentals out there? The mortgage on the new house will be in the $2500 range, and so with all expenses paid for by us, we`d likely need $3000 of rent. If the super-executive-suite is a possibility, could someone provide some direction on how to market/advertise this place and to whom I am targeting?
So, I guess to conclude, I really need some help on deciding:
(1) Is this plan realistic and (2) How to determine the right approach and strategy. If anyone has any contacts in the area of property management, realtors, human resource people in companies, please send them my way.
Thank-you very much in advance, my mom and dad really appreciate your help,
Mike Smith
pm me or, 780-970-7886, or [email protected]
P.S. I am not intending this to be an "ad", we`re not looking for anyone here to buy or rent, I just need some help.
Thank-you very much!
Just seeking some thoughtful advice on a situation that is very stressful for my parents. (particularly on my mom)
It`s a situation that a lot of you have probably heard before; my parents have reached an age where they would like to downsize, and more importantly, have condo-like lifestyle with little yard maintenance.
So they bought a nice half duplex in Magrath (SW Edmonton that`s very new and a nice neighborhood) that is to be completed late May. And of course, the house that they are selling, is not worth what it was 1-2 years ago. So now they`re in a bind because the selling price of the current home won`t pay for the new home, and that is very worrisome for them, because they`ve worked very hard all their lives and lived in a paid off home for many years.
So rather than follow the realtor`s suggestion of lowering the list price of the current home, I now have them discussing the possibility of renting out the new home. The new home is very nice, with lots of upgrades, fully finished, I bdrm up, 2 bdrm down, all maintenance taken care of. My mom and dad paid $735K.
My question and assistance I am seeking is, what is the current market like to "super-suite" this house and rent it out, fully furnished with all utilities included (including the shaw pkg of tele, internet, and tv). Is there a market in Edmonton for these "executive-type" rentals out there? The mortgage on the new house will be in the $2500 range, and so with all expenses paid for by us, we`d likely need $3000 of rent. If the super-executive-suite is a possibility, could someone provide some direction on how to market/advertise this place and to whom I am targeting?
So, I guess to conclude, I really need some help on deciding:
(1) Is this plan realistic and (2) How to determine the right approach and strategy. If anyone has any contacts in the area of property management, realtors, human resource people in companies, please send them my way.
Thank-you very much in advance, my mom and dad really appreciate your help,
Mike Smith
pm me or, 780-970-7886, or [email protected]
P.S. I am not intending this to be an "ad", we`re not looking for anyone here to buy or rent, I just need some help.
Thank-you very much!