Perhaps your parents left you the house, or it was the first house you owned before you moved in with your spouse, or it was a project you fell in love with—whatever the reason behind your “extra house”, now you don’t know what to do with it.
You’re one of the lucky few who aren’t popular athletes or entertainers to have more than one house. So naturally it feels wrong to just leave it unoccupied and collecting dust, not to mention a healthy village of ants or worse, rats. An uninhabited house will fall into disrepair faster than a lived-in one.
The first choice you’ll find here is probably also the first advice you got from friends: sell. It makes the most sense. Its maintenance alone will siphon a lot from your savings, and you’re leaving it exposed to intruders. So rather than make it a problem, FasterHouse.com advices you find an agent who’s good at getting cash for houses in St. Louis. Add the cash to your savings or pay off your current mortgage.
Fix it up and rent it out. It will give you passive income that you can enjoy for the rest of your life. As you make money off it, it will be easier to pay for repairs. Just be sure to include conditions about its upkeep in the tenant contract. As for tenant hunting, never accept a tenant with a bad or non-existent record.
Give it to your child
Your grown-up child can make it a home together with their family. You don’t have to worry about them having to pay rent somewhere cramped and dangerous, with failing heat and an abundance of household pests. It’s probably the best gift you can give them at the wedding, something that can truly help them get started.
There are so many things you can do with an extra house. It’s not at all inexpensive, so think doubly hard about what you want to do with it.