The Pros and Cons of Renting Your Home
January 10, 2024 | M. Cave
Many people who purchase a new home have the option of keeping their existing home as a rental property. While this can be a great option for many, it's important to be familiar all of the advantages and disadvantages or renting vs selling your home.
Here are some important pros and cons to consider before renting out your home:
The Pros:
- Potential Rental Income
- Paying Down The Mortgage
- Building Equity in the Home
- Tax Advantages of Real Estate Investments
- Future Rental for Family or Friends
- Potential to Sell for a Higher Price Later
The Cons:
- Potential Wear and Tear on the Home
- Risk of Non-Performing Tenants
- Increased Costs of Insurance
- Tightening Rental Regulations
- Vacancy and Turnover Expenses
- Property Management Expenses
Our broker Matthew Cave, was recently quoted in an article on TheMortgageReports.com, that broke down many of the advantages of renting vs. selling your current home. Follow the link below to read this in-depth assessment of the advantages and disadvantages of renting your home.
Other Resources
Please be sure to check out our previous post Is My Home a Good Rental? Here we'll discuss what type of home makes a good candidate for a rental property, and steps you can take to assess your home as a rental.
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