Because of our sheer numbers, we millennials tip pretty much any scale we touch, whether it’s the housing market or the wine industry. (We’re drinking more of it, but we prefer the cheap stuff.) The country will soon get used to it. For the second year in a row, we represent the biggest group of home buyers in America, 32% of the market, according to a March 2015 report from the National Association of Realtors.
- it will likely cost less to convert the house you live in now into a rental and buy a second home to use as your primary residence than to purchase a second home to use as a rental property.
- the most substantial tax advantages to converting your current home into a rental come in the form of depreciating that property, the deduction of maintenance expenses, and the deduction of your mortgage interest.
- This will allow you to see what rental rates are in real time and space, and price your rental competitively.
“Do you sell your first home, or hang on to it and rent it out?”