Pay my mortgage for me while I'm gone.

September 21, 2009 3:32 PM

If I move for 6 months to a year, what do I do with my condo?

I'm in the los angeles area, but considering relocation to London or NYC next year for work and a change of scenery. The rub is that I'm paying a mortgage on a condo right now. Renting it is problematic because the spare bedroom is used on a regular basis by my parents, who are co-owners of the property. (It is also their temporary residence when/if they need to evacuate because of wildfire, so it needs to be available on short notice.)

What are my options, then? Can you craft an agreement that would require tenants to leave the spare bedroom off-limits? Or does anyone have an experience with something like a short-term rental agency that would handle all the details of renting for a few days at a time?

Thanks in advance!

posted by milinar to home & garden (9 comments total)

My guess is you should be able to sublet your portion, just as if you and your parents were roommates; I don't know for sure. I do know that there are tax implications of not occupying the property you (co-)own, so watch out for that.
posted by jeffamaphone at 3:34 PM on September 21

Have you spoken with your parents about this?

My inclination is to say that, without a written agreement about this, it would be ethically wrong to change the rules without their agreement.

If they agree with subletting it, then all is well, if not, then sell your portion if possible... Don't make them live with a roommate they haven't agreed to.
posted by HuronBob at 3:38 PM on September 21

I should have specified. Yes, they definitely are aware of this and would be supportive of it.

I'm just not really happy with the idea of sticking them with a stranger. The arraignment is very generous towards me on their end and I don't want to take advantage.
posted by milinar at 3:41 PM on September 21

I'm just not really happy with the idea of sticking them with a stranger.

Find someone you know and trust and sublet it to them for a price that is well below market to incentivize them to live there. Maybe you have an old friend who lives in another city who would be just as excited to live in LA for six months to a year as you are to move to London or NYC.
posted by The World Famous at 3:53 PM on September 21

In fact, maybe you have a friend in NYC or London who'd want to do an apartment-swap?
posted by lisa g at 4:17 PM on September 21

You might consider Craigslist.

I often find short term rentals there. By the day/week.

Pick a city or area and look at rentals. Are there any sights or places of interest near your condo? A sports stadium?

Lots of folks rent their places this way. I've stayed on the ocean and near Wrigley Field, etc.

Just a thought. It might be too scary for you. If I were going to spend a week or more anywhere, I would check Craigslist first. Many business consultants do this frequently, spending 2-3 weeks in a locale. Better than a hotel.

Good Luck!
posted by private_idaho at 6:39 PM on September 21

You could try finding an academic who wants it for sabbatical housing. Professors on sabbaticals go to other universities for a semester or so, to use the library or work face-to-face with colleagues there, etc. It's always a bit of a scramble to find a temporary place. You could see if any local universities have a sabbatical housing service, or you could try listing it (with the dates fo availability and the terms - "one room plus shared space in an apartment, other housemates are an adult couple who will be there only some of the time") on a site like academichomes.com or sabbaticalhomes.com. (fyi, I haven't used either of those sites)
posted by LobsterMitten at 8:24 PM on September 21

Pick your tenants carefully and just trust them. Lock up the bedroom so they can't go in, and your parents don't need to be worried about anything.
posted by friedbeef at 12:46 AM on September 22

you'd probably need to find someone you know to take it over while you are away.
posted by mary8nne at 6:30 AM on September 22