lots of great answers here but there are a couple that I think are important.
1.) In many areas there is a lack of inventory , so if you live in an area that there seems to be little inventory it may be a good time to sell.
2.) Are you in an area that has a higher crime rate, or the schools sub par? If you are and you have plenty of equity in the home then perhaps make it a rental. Of course check with your Tax adviser first .
As to someone trashing your house, yes it is possible and can happen, best advise is to do a very thorough back round check.
Alain Pinel Realtors
It is important to know that only 75% of the rental income from your rental will be considered as income used to qualify you for another property.
Will a tenant trash your home? A bad tenant will, absolutely. A good tenant won't. I recently placed three tenants and all are young professionals with small families that are extremely sensitive to the needs of the owner. The owners are pleased. So, don't be discouraged that there is not a good one out there for you.
However, they did tell me some horror stories of people they found previously. It's all in the screening and marketing.
My final thought is this. If you can build a small Real Estate portfolio you will always have a place to live.
I hope that helps.
You can call upon me if you need any advice.
Personally, I have to agree with my colleagues...as much as you might expect us, as Realtors to say "sell", if you don't have to sell, it would make more sense to rent out the home.
As for taxes, we're not qualified to provide you with financial information, so it's best to refer these questions to a qualified CFP, CPA or tax consultant.
Area Pro Realty-People's Choice
My recommendation is that if you do not have to sell the home, you should keep it and rent it out.
With respect to damage to the home, if you screen and select your tenants properly, you will find that your tenants are very good people, who will take good care of your house. You do not have to worry about tenants damaging your property if you screen and select your tenants properly.
If you do not want to manage the rental property yourself, then I recommend that you hire a good property manager to manage your rental property for you.
With respect to the issue of taxes, the amount of money that you will make if you keep your property as a rental property is far more than any amount of money that you will pay in taxes.
For more information you may call me on my cell phone: (408)509-6218
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: firstname.lastname@example.org
Intero Real Estate
Depends upon your future financial plan, I know many clients who are landlords and love having that stream of income while their property value increases. At the same time becoming a landlord is not for every one. There is no guarantee that a renter will take good care of your property. You can write a lease agreement with strickter lease terms, such as requiring a co-pay for repairs, schedule to inspect your property while the renters are there. We Realtors can not advice you on financial planning a CPA can tell you about future tax implications etc. If you think you want to sell, talk to some Realtors, see what the comparative market is and go from there. I would love to give you a market synopsis if you like.
You have asked a very good question that is asked a lot these days. My recommendation would be to talk to a good Realtor and your tax person to arm yourself with all the necessary information you need to make very sound decision. Their is lots of information to take in to consideration when making this decision so take your time and make sure you are comfortable with your decision. Good luck.