If you have already moved into a new home but have been unable to sell your old one, you may want to consider renting it. Renting your home will probably not make you rich, but it will offset some of your costs until your home sells.
There are a number of pros and cons when renting your home.
Pros:
You can cover some or all of your mortgage payment and if your expenses are low you may be able to turn a profit.
You will still continue to build equity while renting your home.
Landlords can take advantage of additional tax deductions.
Cons:
Mortgage payments must be paid even if the property is not currently being rented.
Costly repairs and maintenance must be taken care of immediately and cannot inconvenience the tenant.
Disputes with tenants can require legal counsel and fees
Property Management Companies will charge a percentage each month but will act as a intermediary between you and your tenants. Many real estate agents offer property management services.
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