Renting Your Way to Financial Independence

If selling your home may not seem like the best option for you now, especially considering depressed home values, you may have already thought about renting your home to one or more tenants instead. Renting your home while waiting to sell it after home prices improve may seem like a simple short-term solution. There are, however, many pros and cons to think about when making the decision to sell or rent your home.

Whatever your final decision is, always remember that you are dealing with your home, one of the largest investments you will ever make in your lifetime. It is best to make your decision based on the financial benefit to you, rather than on the perceived convenience of renting instead of selling your home in this difficult real estate market. It is also wise to remember that becoming a landlord involves much more than placing a rental ad in the local paper, choosing a tenant, and collecting rent checks every month. There are a host of legal responsibilities and liabilities inherent in the role of landlord. If you are not prepared to be a landlord, you could set yourself up for a long list of unpleasant and costly (Read More….)