There are plenty of reasons to consider renting out the home you own and likely love. Whether you’re buying your second home, moving somewhere new, downsizing, or going away for a period of time, you may just be looking for something to do with your home besides selling it. Renting your home out may be the answer.
While each person and family is different, there are both universal and personal pros and cons to renting your home out to someone else. Only you can decide whether renting is right for you at this time, but looking around to figure out the details and what they can do for you can be powerful.
No matter what brought you to this consideration, it’s a personal choice that can even vary as the years go by. Renting out your home is a big commitment, and there are two sides to every story. Here are some of the pros and cons of renting out your home.
The Pros of Renting Out Your House
If you’re leaning towards renting, you might be curious about some of the advantages of renting out your place. Here are some of the big ones.
A Continuous Stream of Income
This one might seem like an obvious benefit, but it’s still worth thinking through. While selling your home can bring in money too, having tenants pay you each month can bring in a steady source of income quickly. In fact, many people find that renting out their home and buying another in order to pay their mortgage can be a great financial decision.
Keeping Your Property
Another big benefit of renting out your home is simply that you get to keep the property you fell in love with when you first bought it. This can be a great option if you truly love the property and still want to see a bit of extra income without letting it go.
Holding on to your house could be the way to go, especially if you may want to sell or give the house to someone specific in the future.
The Cons of Renting Out Your House
Even though holding on to your property and making money through the rental process is right for some, there are a few potential downsides that you may want to address in case it isn’t for you. Here are some of the big ones.
Keeping Things Up to Code
One of the biggest reasons why many people choose not to rent their property to others is because rental properties demand work.
Renting any space is a responsibility you must undertake, and it goes beyond simply signing a lease and allowing people to move in. You need to understand how your tax situation could change and take care of any repairs your tenants might need. Some people simply don’t want that kind of worry.
There May Be No Immediate Payoff
Another con to renting the place out is the simple fact that it may cost you in the short term if you need to make repairs or you can’t find tenants right away. While keeping your home makes sense for many situations, one way it doesn’t is if you simply can’t make money off of it.
If you can’t find renters, you might want to consider keeping your options open for a potential sale or whatever else comes along.
Deciding When (and If) to Rent Your Home Out
Deciding to rent out your home is a personal decision that depends on a number of factors. While wanting to hold on and make a steady stream of income sounds amazing, the responsibility and circumstances might be your cup of tea.
Whatever you decide, you can move on to your next adventure with ease and comfort, no matter where you hang your hat next.
We hope you found this blog post Renting Your Home Out: Pros and Cons useful. Be sure to check out our post Moving In: How to Make Your Rental More Luxurious for more great tips!
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