When you're moving out of a house, you can be faced with a tough decision: do you sell your home, or rent it out to someone else? It's a tough decision that can cost a lot in the long run. Personal finance blog Money Crashers has some suggestions on factors to consider.
Renting out your home can be a great way to generate passive income. It can also incur huge costs that can overwhelm any profit you would make.
Money Crashers has a few suggestions on factors to consider. For starters, consider the expenses of having a renter. You're now on the hook for repairs, you're paying two mortgages, and if you get a bad tenant, evicting can be expensive.
On the other hand, depending on when you bought your home and what it's worth now, you could be losing value on your home if you sell now. Renting can be a great way to generate income while you wait for your property to be worth something. Check out Money Crashers' full guide below for more info on when to sell versus when to rent.
Should You Sell Your House or Rent It Out? — Things to Consider [Money Crashers]