As discussed, everybody's investment/living style is different. I hear from people who have rental properties that it is very bothersome because of the need to provide the upkeep (albeit you can hire a company that would "eat" into your income). That said, right now it is not very economical as well because income from rentals is roughly equal to what you get from a money market fund, while doing absolutely nothing and having virtually no risk. Canadian real estate has been appreciating for decades, though, so maybe this is a plus in your particular case. However, my personal opinion is that RE is vastly overpriced around here, so I cannot take this risk. I routinely see $$1.5-2 mil houses which I think should be more like $500-700K in value at most.
Renting can be nice. It only takes one bad renter or squatters to give you a really bad time though.
Exactly …
For in Belgium it’s almost impossible to get that renter out of the place as well…
With renting out a place it only becomes a good thing when the place appreciates in value overtime.
Otherwise with a good renter and no broken things you can have an extra income but still there are plenty of downsides as well… most of the time when the place appreciates in value and the renter is a good one then it’s a good thing.
Very true.
Renting can be a very bad experience, often leading to court cases, lawyers, and lots of wasted time and money.
A colleague of mine rented a 3-bedroom apartment to a family. They paid 3-4 months rent and then stopped, and refused to leave. The police could not do anything--the case had to go to court. Eventually, my colleague resorted to using the services of a local mafia ring! He paid them to go and beat the shit out of the tenants, threatening to break arms/legs and worse. The tenants got scared and left the place, after completely destroying it. The place was like a war zone, all electronics/appliances destroyed, taps/pipes bent, graffiti all over the walls. They even spread excrement on the walls.
I own a second house, and was tempted to rent it out. After hearing this story, I decided not to. Not worth it. I'm OK financially, don't need the extra money, and certainly don't need to add worries and troubles to my life.