So, why is this important if you are buying the home to live in? Because life throws a curve ball and if you have to relocate out of state, buy a new home so your mother-in-law can move in, or your income changes significantly, it’s good to have a backup plan.

Before you buy the “perfect” home, weigh pros and cons from the renter’s perspective. Are there modern conveniences? Garage and/or storage? How close is it to quality schools, public transportation, successful corporate jobs and commute routes?

As you update and make changes that suit your needs, keep in mind the resale or rental factor. You may love the cast-iron cookstove in the bathroom, but it probably won’t be a selling feature to most buyers or renters. High-maintenance flower gardens and landscaping is another con if you think your home may likely be a rental property after you build equity. In 30 years of property management I recall maybe one or two renters who willingly hand watered, pulled weeds, and trimmed gardens.