I come across many homeowners who ask themselves this question every so often - myself included. While each person has a different situation to deal with, here are some things to consider when making this decision:
1) If I sell my home now, will it be a short sale?
2) Do I already have a place to move to?
3) How much time do I need before moving to my next home?
4) Why do I have to move now?
5) Do I need the proceeds from the sale of my home in order to move to my next home?
6) If I decide to rent out my place, do I know what I need to do as a landlord?
7) Can I afford being a landlord?
It all boils down to whether you can financially handle either scenario, make the time to deal with either one, and emotionally endure the pressure and stress that may accompany following through with your decision.
Find someone who's been in your shoes before and get the story behind why he/she decided to sell or rent out his/her home. Talk to someone who can walk you through the details of either scenario so that you can make a more informed decision. And don't forget to consider the income tax consequences that go along with either situation.
Feel free to contact me if you want to discuss your situation. I've been faced with this same decision with my own properties and can provide my own story and real estate expertise. I'm here to help! All you need to do is just ask.
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