Renting Out

Pros
Cons

· Keep property as it appreciates

· Possible damages to property

· Tax-breaks could offset income tax on rent

· Could be taxed on the whole profit if you sell

· Rent income covers mortgage, taxes and insurance payments

· Potential legal or financial problems with tenants

 Selling

Pros
Cons

· Likely tax-free capital gain

· Could be priced out of market if you [...]

Renting your home for part of the year, or for a longer period of time, generates great income. Because you are renting your home, as opposed to a property specifically designed for renting, you will want to be more careful with the terms you set in the lease.

Consider hiring an agent. A rental agent will [...]

Check your homeowner’s insurance policy. Most don’t cover damages done by a renter, so you’ll have to purchase an additional policy to cover not only your home and any contents you leave, but also liability issues in the event the renter is injured on the property.
Make sure your local zoning regulations and homeowners association permit [...]