Would You Ever Rent Out Your House?
As we know, the folks who are really suffering these days are those with adjustable loans soaring way past what they can afford. But how about the folks who can pay their mortgages but just saw tens of thousands of dollars in equity evaporate, and either want to live elsewhere or have to move for a new job?
Well, what about renting your house out? Have any of you ever considered that option? The downside: Allowing people you don’t know access to your one single biggest asset, making it possible for them to flood the basement, destroy the Wedgewood stove or refuse to pay rent for six months. The upside: You don’t have to sell at a loss and can still move to a nicer neighborhood or relocate if a cool job beckons.
Would any of you ever do it? Have you ever done it? If you did, how would you go about protecting yourself from catastrophic outcomes? (Photo: Karlina on flickr.)
