Residential finance - Should you be renting?
Posted on Monday, October 29, 2012 at 9:06:14 AM
Some people look at a home as a place for them and their families to live in, but others see it as a residential finance asset. There's no reason why a person with extra space in his home shouldn't rent out a room or two, or even a whole floor, though some shaky tenancy statuses could cause additional issues.
Despite the recovering economy, not all homeowners are happy with their current living situation or feeling relief just yet. For these people, it may make sense to look into renting out space in a home or, if the residential finance is available, buying a separate home and renting out the first one, according to E-Personal Finance. Additional income can help pay off mortgages and better afford a new home, without the hassle of trying to sell an existing property.
Bankrate wrote that turning a house into an investment could be a booming market in the near future. Now that more families are looking for private homes instead of apartment units, they may be more willing to rent a house just for the experience of having a private home, and renting helps them remove the worry of their own residential finance woes.