I was at a friend’s house yesterday, enjoying all the perks of homeownership vicariously: a driveway, garage, yard, neighborhood, walls to paint whatever color you please. It felt so luxurious.
Someday I’m sure we’ll jump on the homeownership bandwagon. And when that day comes, I will love each of those homeownership luxuries like nobody else. But right this moment, it doesn’t make sense for us to buy a home just yet. However, we’d still like to do something with the money we’ve been saving over the past few years.
We’re looking into options. We’ve already maxed out our Roth IRAs for the year, and now we’re looking at other ways to make our money work for us. One of our goals is to find ways to make money passively. As we said in Monday’s post, we probably won’t be early retirees. Realistically, we just don’t think retirement for us will happen until at least our 50s. But that doesn’t mean we’re just going to sit around and do the bare minimum until we get there. Earning passive revenue could help us live easier lives until we get to retirement.
One option we’re considering is buying a home for the sheer purpose of renting. But here’s the thing. We haven’t done any research yet. We’re weighing the obvious pros and cons, and then we plan to dig a little deeper.
So we wanted to ask you guys what you thought. Should we buy a rental before we buy our own home? Is owning a rental something others have considered, looked into, feel completely opposed to?