Domestic Bliss: What you need to know before your convert your primary residence to a rental
By Richard Huszai, CPA
Accounting and Tax Services Senior
For many, being in the position to either sell your primary residence or rent the property is a powerful one. Rental income can be a great additional source of income and the investment, if managed properly against the rest of one’s financial portfolio, can contribute to a nice tax shelter.
Buying your home with the mindset of becoming an investor is a very intuitive and proactive wealth-building strategy. By living in the home for the first few years, you will have the advantage of securing premium financing terms, including competitive interest rates and low down-payment requirements.