Should You Rent Your Home

Deciding whether or not to rent your home or part of it isn't necessarily an easy choice to make. At first glance, renting seems like a great source of income. And though that can be true, there are things to consider:
Wear and tear
Your home can expect to see more wear and tear with tenants inside. The truth is, no matter how good a tenant is, s/he can't be expected to give a place the same TLC that you do as the owner.
Finding tenants can be time-consuming
Finding good, qualified tenants, even in really great popular neighborhoods, is time-consuming. Make sure you're ready to interview many different people, as well as complete the necessary checks with all possible tenants.
Vacancy
The average rental property is vacant for two months a year, so be prepared for this before you take on any extra expenses or make assumptions about being a landlord.
Unexpected repairs
As the owner, you'll have to take care of any unexpected (and expected) repairs as they arise. Keep this mind -- you can't 'set it and forget it' when it comes to a rental property.
If managed correctly (and with great tenants), renting can be very lucrative for property owners.