Hi there – I’m looking for some thoughts/advice on renting out my first home, which is a new build.
I’m in my mid twenties and decided to purchase a new home in the Central Texas area (north Austin). The construction is nearly complete and will be ready around Christmas. I have been living with family in the Austin area for a while now and was planning on moving to the new house in January 2022. Lately, I’ve been thinking about renting it out. Especially with the announcement of Samsung’s big semi conductor plant being built 20 minutes away.
While i’ve been extremely excited to live in the new home, I cant help but think that renting it out will cover most if not all my mortgage payment while I continue to build equity. The Austin market is hot and I think the value will continue to go up. I’m currently living at home with my parents so I can continue to save and eventually buy another property next year. Does anyone have any thoughts or advice about going down this path, as well as any pitfalls or things I should consider if renting out the property? Thanks!