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Should You Convert Your Home To A Rental Property?
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We all know that buying a home is one of the biggest decisions of your life, but buying your next home comes with another huge decision to make: Should You Keep Your Home as A Rental Property or Sell It?
Not everyone has the ability to keep their house as a rental but in today's housing market, many are considering converting their home to a rental property for the income generation ability instead of selling it. The overarching decision is not always a financial one but whatever you decide will have a significant impact on your wealth.
On today's episode, we discuss the key factors that you must evaluate before renting out your primary residence. You will learn about the key tax implications, the return on your equity, cash flow, the opportunity costs, and mortgage interest rate differentials amongst others...all of which require math that is interdependent on one another. When you put it all together, hundreds of thousands of dollars, if not millions, are on the line with this decision and that doesn't even include your own peace of mind.
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