Renters account for around 34% of the United States population, many of whom are under the age of 35. You may choose to rent if you want a lower monthly payment than a mortgage, prefer someone else to handle property management, don’t spend a lot of time at home, or want a low-maintenance living space. As a renter, you’re entitled to a set of rights, also known as renter’s rights or tenant’s rights. Learn more about what rights you have as a renter, how they differ by state, and more.
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So, you own a home that isn’t selling, or something else is keeping you from selling it, but you still want to add some extra money to your budget. Renting out is a reasonable option many homeowners who won’t or can’t sell choose. Although renting out your home or a part of your home is a relatively easy way to earn extra cash, not everyone is capable of doing so. There are several things you should take into consideration before putting your home on the market as a rental property.
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Whether you’re early in your career or a long-time renter, there are many reasons why you may want to consider renting or buying a home. Here are some questions to ask yourself when debating whether to rent or buy your next home.
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