I have been renting my house since January 2009. I will not retire until 2013 and wanted to offset some of my costs and take advantage of the lower home prices when I purchased. I rent my villa as a turnkey unit. I have been extremely fortunate to rent it for most of the year. I rented it for 8 months during 2009 and 8 months so far during 2010. I already have it rented for 3 months during 2011. I subscribe to a website to advertise my place for rent, handle the rental contract and all monies, and use a house watcher to take care of any problems that may arise.
The income from the rental does not cover my mortgage and other expenses. You need to have additional funds to do that. It does help offset any costs I do incur and at times helps pay the mortgage. If you do decide to rent, keep very detailed records and receipts of all expenses related to the rental.
Send me a private message if you want more detailed information.
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