Should you sell your primary residence or turn it into a rental property?
If you are ready to move to a new place, you may be trying to consider whether you should sell your home or keep it and rent it out. That can be a tricky decision, as there are advantages and disadvantages to both options! It truly depends on your specific situation. However, to help you make the decision, I am laying out the main pros and cons of selling and renting out your home.
You can listen to all of the points in the video above or skip to specific topics using these timestamps:
0:00 — Introduction
0:35 — The pros of selling your home
If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. Learn more here.
2:25 — The cons of selling your home
4:16 — The pros of renting out your home
6:12 — The cons of renting out your home
8:24 — Wrapping up
If you are still unsure which avenue you should choose, don’t hesitate to reach out! I would love to help you, and I can assist you with both selling and property management. Call or email me anytime.