Sell or Rent Out Your Woodlands Home?

When you move, keeping your current home as a rental can be tempting. Sometimes it's a smart move; sometimes selling is better. Here's how to compare.

Run the rental numbers

Will the rent cover:

• Your mortgage payment

• Property taxes, which may rise once it's no longer your homestead

• Landlord insurance

• Association fees

• Repairs and maintenance

• Vacancy and management

If the numbers barely work, one big repair can wipe out a year of profit.

Think about the work

Being a landlord means repairs, tenant questions and turnovers. Property managers can help, for a fee. Be honest about your time and patience.

Consider your next purchase

Your equity might be your next down payment. Keeping the home may also affect how much you can borrow.

Get tax advice

Renting out a former home can affect your property taxes and income taxes, and how a future sale is taxed. Talk to a CPA before you decide.

Compare with a sale

I'll estimate what your home would sell for and what you'd net, so you can compare both paths with real numbers.

Is it better to sell or rent out my house? It depends on whether the rent covers your costs, whether you want to be a landlord, and your financial goals. Compare both options with real numbers.

Will renting out my home affect my taxes? Yes, it can affect property taxes and income taxes. Talk to a CPA before deciding.