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In the Forum: Audio Discussions
In the Thread: A listening room for a domesticated Cat?

Post Subject: Old house?Posted by scooter on: 2/4/2016

If you want to keep this second house, think carefully what to do with it.

- Unoccupied houses tend to decay incredibly rapidly. I was in Spain a few years ago checking out new apartments on the coast. Build quality was good but just four or five years of no occupancy left every place we looked at in bad shape. There was some vandalism and illegal occupation. But our architect said that the water damage (some from rain entry and some from piping) and resulting mold (seen and hidden) rendered almost every building we saw, "Ready or just about ready for demolition."

- Renting can be a good option to cover expenses and make sure the place is occupied. However, lawyers have told me that Massachusetts rental rules strongly favor tenants, leaving the landlords with limited rights. Interestingly, next door in Connecticut, the situation is significantly different.

One example, which I am positive does not reflect on all Bostonians. We have a family friend (a tough union construction guy) who purchased a few units to rent near Boston. After 10 years of landlord experience, he said virtually every tenant eventually stopped paying, trashed their apartment, and after 1-2 years of legal wrangling was finally evicted (by courts, via payments, or...). Of course, for each tenant, the friend was out rent for 1+ year, significant legal fees, and significant remodeling fees.

He said these tenants weren't lawyers but they knew their rights surprisingly well and were happy to push the landlord to the limit. He finally sold the units and said, "Never again."

EDIT - Note tax implications of second house also. Given the high US tax rates, efficient tax structuring can make a huge difference.

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