As a Realtor, I frequently speak with clients who state that they need to sell their house. My response is often: Do you NEED to sell, or do you WANT to sell?
It is always an enlightening conversation to explore the NEED to sell, and differentiate between this and the WANT to sell. As a generality, my suggestion to clients is to keep the property, unless there is a distinct NEED to sell.
There are indeed specific circumstances which would indicate a NEED to sell a property, i.e. relocation, death, divorce, etc. At the same time, this is NOT to say the WANT to sell is bad; rather, it seems important to understand the difference between WANT and NEED, and thereby be prepared to make a rational and more informed decision.
On a frequent basis, these conversations lead to the client's realization that it may indeed be in their best interest to simply retain the property, leasing it to a tenant, and gaining the potential income and tax benefits.
In our marketplace, the rental inventory is shrinking, vacancy rates are evaporating, and rental rates are increasing. This is an ideal environment for those who have the desire to own rental property.
There are always pros and cons to owning rental property (best reserved for another blog entry), and right now, there are a lot of pros!
Regardless of the ultimate decision - to sell or not to sell - it seems wise to consult the appropriate professionals before heading down a path of big decisions. :)
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