Sometimes the idea of not selling your home and moving is a possibility. How? By renting your home and paying that mortgage while you move to a new home. Sounds great on paper, but can you rent a home in which you have lived?
We’re not talking legally. Legally you probably can (although a quick call to the county or municipality about what you may need to do is in order), but can you rent it to someone else and be ok emotionally?
First ask yourself an important question: can you detach yourself from the home?
Can you remove your emotional attachment to a place that has been home for years? It’s harder than you think. Every room has memories attached.
If you raised your children in that home every wall has precious memories infused into them. Can you stand the thought of owning it and having other people living there, changing things and making it theirs?
One thing you shouldn’t do to make it easier to rent it is “awful-ize” it
Don’t redecorate to make it look worse to make you feel better. Don’t remove things from the home, such as expensive upgrades you made to it, and put in less expensive ones.
Yes, a tenant might damage your property, but that’s the chance you take. Keep it in great condition. You wouldn’t do that to sell it, so don’t do it to rent it either.
Access to the property
Once you sign that lease you no longer have unlimited access rights to the property. That lease provides for your tenants a right to “quiet use and enjoyment” of the property.
That means that you can’t drop by whenever you want. It means that they can do what they would like, within reason and lease restrictions, with the property. It’s not your home any longer, so just walking in when you want is not allowed.