thank you for posing this question, because I have not been asked this before. I would have guessed exactly what Alexander pointed out. However it is interesting to see that in other states it differs.
SOMETHING TO NOT MISS! If you do in fact decide to rent out the home YOU MUST notify your mortgage holder that it is now an investment property. This could change the terms of your loan and your interest rate. But if you do not notify them and there is a problem, it could be bad news!
Also, you should always speak with your tax accountant about the implications on taking on an investment property. Depending on if this would be a gain or a loss yearly etc. The tax implications as well as a change in your mortgage terms could change your mind about renting, or strengthen the idea.
Cover all your bases to make sure you are making the best financially sound decision for you.
The other thing that most home owners do not consider when they are thinking about renting a once principal residense: You never know who you r renter is going to turn out to be. You could get a great tenant that takes impecable care of your home, or you could have someone that doesn't pay their utilities and turns into a squater. Ask yourself if you are in a finacial position to cover the costs of repairs if the worst happens.... more