What should I know about renting my home instead of selling it?

Great question and one I see more often lately. Renting your home can be a smart move but it is not as passive as people think. Along with rental income comes responsibility. You are now the one handling maintenance, repairs, tenant communication and potential vacancies. It is important to know what your home would realistically rent for and whether that covers your expenses like mortgage, taxes, insurance and upkeep. If it does not, you are covering the difference each month. A few things people do not always think about are landlord tenant laws, which can be very tenant friendly depending on your state, how you will handle repairs or emergencies and whether you want to manage the property yourself or hire someone. There are also tax considerations, so it is worth having a conversation with an accountant. It can be a great long term strategy, but only if it fits your lifestyle and you go into it with a clear plan.