We rent out our house full time, for the last 5 years.
We have barely broken even on a cash flow basis, sheltered from income taxes with the non cash expenses
and that is without a mortgage. So there is one part of your due diligence, but that includes 20% property mgmt fee. If you do it yourself, which i don't recommend from far away, then you can make some money
BUT renting it out full time will not cover the expenses because the rental market is drying up with both the economy, and the expansive number of houses being built. more people are buying here and renting. rentals come mostly from people excaping winter or while looking for a house to buy. a very few come to live for 12 months, if you are very, very lucky
If you do the financial analysis correctly, you can easily rent for the amount of time you would be here,
for less money than buying a home. . . . many, many articles on that in financial publications.
and with renting, you actually get two pieces of information you don't have now:
1) what the actual life style is about, especially for a wife 20+ years away from retiring, hanging out with her aunts and uncles, or great aunts and great uncles in some cases
2) what kind of house you will feel comfortable with, location, and limitations.
Just recently golfed with several people from Indiana, who are here renting for 4 months, and have done so for the last several years. All are retired. . they are thinking of owning, and have been exploring the idea with actual experiences. .
that approach is in your best financial interest. .
good luck in your decision.
former finance guy,
now just a financial advice poster to people who don't need it as they are already living the retirement dream
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