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Should You Rent Your Home?

Trifecta Club

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.

Read the full article below.

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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M. Cave

Matthew Cave is a Licensed Real Estate Broker with Hudson Property Services, LLC in Poughkeepsie, NY. Matthew has over 20 years of experience managing rental properties and selling homes. He's experienced in a wide variety of property types, but now specializes in single-family homes, condos and townhomes. Matthew enjoys helping Hudson Valley property owners get their rentals running more smoothly and efficiently.