Renting out your existing home, or vacation property comes to mind for many homeowners for a variety of reasons – money being the obvious reason. Other reasons include inability to make the monthly mortgage payments may be one, but not the best choice. After all, unless you move back in with your parents (ugh!), a monthly rent payment will still be necessary.
But maybe you’ve recently gotten married, receive an inheritance or buy a new house before you are able to sell the old one. That’s when turning your existing property into a rental makes sense.
Still, Is it worth hanging onto this property? Does it need major repairs, just to be rent-able? And, is your temperament suited to being a landlord. Tenants can be a major headache and in most locales, evicting a tenant can be a lengthy and arduous process.