We are 60 year old retired teachers and are living on retirement & part time work. We currently own primary residence and small out of state “vacation” property (not rented out) and have no mortgages. We spend time at each (mostly at primary, obviously). Recently learned of opportunity to rent a house here in hometown that is way more convenient to friends, part time work, and volunteering. Would it be a mistake to sell our house and become renters? We’ve lived in this house for only 3 years (it was a “downsize” purchase), but we’ve made some updates and it has definitely appreciated. We’d conservatively invest proceeds and use that to help pay rent (our income wouldn’t be enough?!)
Thanks for thoughtful response!
You could try renting for the shortest term the owners will allow to see if you are comfortable with the change, then decide to sell or keep your primary residence. Or you could approach the owners about purchasing the home…