Selling one’s home often seems like the obvious choice when it’s time to move; but in today’s market, the idea of renting out your home until property values recover may have a fresh appeal. According to a recent real estate column for Smart Money magazine, the desire to either wait out the market or simply hold on to property during a temporary absence often motivates homeowners to take on landlord duties. But before committing to one option over the other, it is important to understand the financial pros and cons of your decision, including tax issues, affordability and the responsibility of taking care of tenants.
As one of the final contenders for the GOP presidential nomination in the upcoming 2012 elections, Mitt Romney is enjoying a surge in celebrity status as the competition heats up and primary season shifts into full gear. But despite his East Coast upbringing and role as the former governor of Massachusetts, Romney also maintains a unique tie to both La Jolla real estate and the San Diego community in the form of an elegant, Spanish-style home located in the Barber tract between La Jolla Boulevard and Marine Street. Since 2008, Mitt Romney and his wife, Ann, have been part-time La Jolla locals, spending a week or two at a time visiting their West Coast home and enjoying the relative peace and quiet of the La Jolla village community. But now, as a possible presidential candidate (and subsequently, a potential president himself), will Romney’s part-time residency change the tone and feel of the local community – and perhaps even impact economic and real estate market activity along the San Diego coast?