When you move, you may wonder whether to sell your home or keep it as a rental. Both can work, and the right choice depends on your goals.
Reasons to sell
You want cash for your next purchase.
You do not want to manage a property.
The home has built up good equity.
Reasons to rent
You have a low interest rate you want to keep.
You may want to return or hold the home long term.
The rent could cover your costs.
Questions to ask
What would the rent cover? Include the mortgage, taxes, insurance, repairs and vacancy.
Can I handle the work, or will I pay a property manager?
What are the tax effects? Talk to a tax professional.
Could I afford both homes if something goes wrong?
Do the math
Compare what you would net from selling with what you would earn as a landlord over a few years.
Know the rules
Landlords have legal responsibilities, so learn the basics or work with a professional property manager.
I can give you a market analysis for both sale value and rental potential. Contact me and we will go over your options.
