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Cost is Over Budget |
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I have fallen in love with a property which is $100,00 over my budget price. However, it has an "in-law" quarters which could be rented out for income. The inlaw quarters are in a separate building attached to a
the properties' 3 car garage. Is a rental income worth the risk for house which I love? how does financing work in a situation such as this? |
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First, make sure the in-law apartment can legally be rented out. If it can, mortgage lenders will give you credit for anticipated income when you're qualifying for a larger mortgage.
But consider, first, whether you are ready to become a landlord. It's not an automatic way to get more income -- choosing tenants involves some skill, and it's easy for an amateur to get into trouble. |
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Edith
Originally published on January 27, 2010 |
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