Renting an existing home or vacation property comes to mind for many homeowners for a variety of reasons. Unable 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.
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