Is it better to sell a property or rent it out? Today we’ll be tackling this great question.

If you’re planning on moving on from your current property, should you sell it or rent it out?

This is a great question, and the truth is that there are benefits to both. 

First, it’s important to realize that our current market is very strong. This means it’s a fantastic time to sell and earn top dollar for your listing. With values projected to remain steady, there’s certainly no rush, but it’s definitely a good time to get your home on the market.

"Only you can ultimately make the final decision between these options. "

Still, this isn’t the only consideration to take into account. You should also look at your tax situation. If you’ve lived in your property for two of the previous five years, married couples can sell for a profit of up to $500,000 without any capital gains tax. To my knowledge, this is the only legal tax-free money you can earn in America.

So what about renting? 

Our team runs a large rental department with hundreds of rentals, so we would be happy to help you transition into the role of landlord. Landlords who can last for five to 10 or more years will find that, long-term, the benefits of renting out a property do pay off. Also, landlords can earn fantastic tax benefits, such as the ability to deduct things homeowners cannot. 

Renting out your property also allows you to retain ownership, which can be attractive for homeowners who think they may want to move back into the home sometime in the future. 

Ultimately, only you can make the final decision between these options. It will come down to your personal circumstances, but we would be happy to advise you.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.