Sell or rent out home instead?
My wife and I are in the process now and completing home repairs. The goal, at least initially, was to fix up the needed repairs and list the house for sale this coming spring. The thought, however, came up- what if we rented out the house instead? I'd love to hear some things to consider... pros/cons of each? Thanks in advance
Quick recap of situation:
- lived in house for 10+ years
- very little, to ZERO equity in property (very very bad mortgage initially)
- we refinanced 6 months ago to much better terms and lower monthly costs
- love the idea of passive income, all while building equity
- biggest concerns are major repairs that are inevitable: roof, furnace, electrical
- cash reserves are decent, but not significant
- very good credit score
Dennis