Should you sell your primary residence or turn it into a rental property?
Should you sell your home or turn it into a rental property? There are two main ways for homeowners to get value out of their current properties. First, you can sell the home and get your equity out of it. However, a less conventional strategy is becoming more popular in our area: converting your primary residence into a rental. There are some pros and cons to converting your primary residence into a rental, and we’ll share some of them today.
Feel free to watch the full video above or use these timestamps to browse specific topics at your leisure:
0:00 — Introduction
1:14 — Pro No. 1: You can build wealth by renting out your home
2:02 — Pro No. 2: There are tax benefits
2:37 — Talk to your mortgage lender first
3:17 — Con No. 1: Managing a rental can turn into a full-time job
4:14 — Con No. 2: Renters won’t take care of your home as much as you would
5:17 — Con No. 3: You won’t always have access to the equity of the property
6:06 — Wrapping up
The truth is that whether or not it makes sense to convert your primary residence into a rental depends on your situation. If you’d like to discuss the topic further, don’t hesitate to call or email us. We’d love to talk things over with you.