Should you sell your home or rent it out?
Choosing to become a landlord could be the better financial decision if you have financial security. However, just like any other investment, it comes with a price. In order to determine whether or not you're actually ready to be a landlord, consider asking yourself these questions.
Can you afford to hold onto this property if it remains vacant or major repair issues arise?
Are you willing to commit to the hassles and your time associated with renting the property?
If you do decide to rent it will you have a positive or a negative cash flow?
If it may be a good financial decision with the current economic and housing market condition you may want to opt for renting, especially in the DC Metro area where we have low unemployment rates and high paying jobs all over. However, if this sounds like a burden and you don't want to commit to such things, consider selling at the home. Your time and effort is just as valuable as the investment you're about to put into it, so you may need to give this much more thought than you may initially think.
What I recommend is to sit down with your local realtor who understands these housing cycles and the strength and weaknesses of not just the local market, but also your home. Your experienced real estate agent can help and guide you to make an informed decision.
Want to know more about today's market and see where you're at? Let's talk about your options.