Should You Rent Your Home Out - Know Your Options

REASONS TO RENT OUT YOUR OWN HOME

Why Rent Out Your House?

Are you ready to buy a new home? Has your family out grown your 1st home? Would you like to make money continuously instead of selling the property off immediately? We'll your not alone! Tons of home owners just like you are interested in turning their liability into an asset. Here are a few reasons why you could benefit from renting out your home instead of selling it. 

Your primary home, while a necessity in life, is not typically an asset or investment. An asset is something that makes you money, where a liability is something that costs you money each month. By renting out your home you are able to transform your liability into an asset.

By renting your house to a tenant, you are able to continue to hold onto your house while the tenant’s monthly rent pays down your mortgage each month. During this time, property values (hopefully) will climb and build wealth for your future. You may also begin to experience additional monthly cash flow if you can rent your house out for more than what your monthly expenses are; which should be the goal for all potential landlords.

Renting your house out may also help start a business by adding funds for capital.This could be a first step in a tried-and-true method for building wealth. 

Many real estate investors begin this way; by renting out their homes as they upgrade to bigger or better properties throughout their life. You could also refinance the property as a income producing property through private lenders instead of traditional banks. This may also help fund your retirement, as you may end up owning multiple properties “free and clear” by the time you are ready to retire, providing monthly income or a lump sum if you sell.



Finally, by renting out your house you retain the possibility of returning to that home. This is especially helpful if you’ve been forced to move quickly because of a temporary job relocation.

You may be online trying to decide whether or not renting your house is a good idea. Therefore, the real question you need to ask yourself before “how to rent my house out” is “should I rent my house out?” Have you’ve tried selling but the market is too soft? Have you been temporarily transferred out of the area for work? Perhaps you owe more than your house is worth and can’t sell.
Or you’ve realized the incredible wealth building opportunities that renting a home out can provide for your financial future. Regardless to your reasoning; make sure to weigh out all aspects of becoming a landlord and proceed with knowledge. Financially, mentally and physically. 

Malaka Green
She's Your Realtor
Know Your Real Estate Status
Status Realty
mipropertystatus.com
Detroit, MI