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Depending on your financial situation and preferred style of living, there are many advantages to renting: 1  Renting a home can be cheaper than buying a home. 2  You have more flexibility when you rent. 3  Your landlord, not you, is responsible for performing nearly all maintenance and repair work on the property.
1. Tax Positives and Negatives. If you rent out your home, your income from that rental is taxable. But here's the good news: you will actually get more tax breaks when you rent out your home. For instance, you can write off your mortgage's interest payments and property taxes, just like you do now.But you can also write off depreciation, utilities, advertising or broker fees, repair or maintenance costs, and even travel to and from your rental home.or instance, you can write off your mortgage's interest payments and property taxes, just like you do now. But you can also write off depreciation, utilities, advertising or broker fees, repair or maintenance costs, and even travel to and from your rental home.