Quote:
Originally Posted by castlebreakfast
This is interesting as this is the scenario that would be great for us if my folks sell the house - we'd love to be able to rent the place moving forward - may I ask if you set up a deal in the contract when you bought the place off them that ensured they'd be able to stay each year as renters? And is it ever annoying for you when you want to go up to your house and can't because they are there (not sure if you rent it out to others as well)? And also if you don't mind me asking - how much of a discount do you give them? Thank you
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You would be very hard pressed to get a new owner to agree to a long term rental clause in the sale agreement. When my parents bought our property, we had a handshake agreement with them that, we would rent to them if we rented the property but nothing was documented. And we followed through with that promise after we spent time renovating the property. The finding was interesting. Although they where all excited to come back, when they did they found that it wasn't the same. It was no longer their family camp, it was ours. We made changes, and did renovations and it changed the place. They where all very grateful for the opportunity to come back, and wouldn't have changed the experience. They all decided, that the place was in good hands and moving on, to its next phase.... We haven't heard from any of them sense. Once in a while one of the Son's who already had a place on the lake, will ride by slowly in his boat.... but that is really all we ever see of the previous owners....