Before renting out your home, it's crucial to assess whether it's a sound financial decision. Consider factors such as the current real estate market conditions, property maintenance costs, insurance expenses, and potential rental income. Analyze your finances and consult with a financial advisor to ensure that renting out your home aligns.. You can buy a second home and rent out the first in Canada, as long as you make a 20% down payment on the new home, or deem the second home as a principal residence. There are many people who own a second home for many reasons; they could be a cottage, rental property or chalet. The days of only the well-off purchasing a second home are long gone.

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The one major difference with buying a second property is the down payment—the amount of money you need to pay upfront in order to purchase the home. As with principal residences, the down.. Expect your down payment to be around 20%, though in certain cases you could be required to go as high as 30%. Also note, renting out your first home makes you ineligible to deduct the mortgage interest on your second home. To help you cover the costs of your down payment, you can take out a home equity loan or a home equity line of credit.