In early-2010, I finally closed my condo and was given the keys to my very first property. I was excited to be a property owner in my early-20s. I was even more excited about the prospect of renting out the place while I built my equity. Well, I ended up living in the condo for a year and a half. It was the best time of my life. I have many memories from that time.
Eventually the time came to decide what I wanted to do next. I had to answer a few questions about my condo and my life…
Should I become location independent and travel the world?
Should I find a job and settle into my condo?
Should I not do anything?
I wasn’t sure of what to do. I did know that I wanted to blog full-time. I also knew that I needed to cut back on my expenses if I wanted to go all in with blogging. What was I to do? I started to think about the idea of renting out my condo. Below are the pros and cons of my decision to rent out my place.
The reasons against renting out my condo were simple:
- Move back with parents. Anyone that has moved out knows how great it is to be on your own. Moving back with your parents is well pretty lame to be honest. I was pretty worried about this.
- Less freedom. I won’t get into detail but let’s just say that I did plenty of things that I couldn’t even do if my parents lived on the same street as me!
- Uncertainty. I wasn’t sure of what I wanted to do next. Would it be a wise move to actually move out? Would I regret my decision in six hours?
These are some serious negatives. I was starting to get pretty nervous about actually giving up my place.
Since I mentioned why I didn’t want to rent the place out, I must share with you why I actually was leaning towards renting out my place:
- Travel more. I would be able to travel more without the stress of property ownership. I would be able to leave the country and not have to worry about much (aside from the usual tenant issues). I could go on more trips and see more of this amazing world.
- Save money. I could also save so much money by cutting back on the plethora of costs that come with owning your own place. I would get excited thinking about the savings.
- Make money. I would be able to make more money by renting the place out. I would also finally be able to focus more on my business since I wouldn’t have to worry so much. Sounded like a win-win to me.
As you can tell, all of the reasons in favor of renting out my place revolved around money.
I chose to rent out my place. I had to suck it up and move back with my parents (technically). Now I spend most of my time at my girlfriend’s place. I’ve also been able to do lots of traveling. I started off by buying a ticket to spend a month in Europe. I went all around Europe until I had to come back. Then in January I went to Cancun. I plan on traveling often now that I decided to rent out my condo.