Should you Sell your Property or Rent it out?

Lexi Maes • November 5, 2024

Trying to figure out whether to sell your home or rent it out? It’s not an easy choice, but you’re not alone. A few years ago, I faced the same decision with a house I owned. After going back and forth, I realized that it all comes down to weighing a few key factors. Here’s what helped me, and hopefully, it’ll help you too. 

Start with Your Finances 


The first thing to do is look at your financial situation. Do you still have a mortgage? If so, renting might help cover that payment and even bring in a little extra. On the other hand, selling could give you a lump sum to pay off debts, invest, or even make a down payment on your next place. When I was in this spot, I crunched the numbers and realized that keeping the house as a rental meant I’d actually be making a little more each month than the mortgage payment. For me, that was a no-brainer, but everyone’s situation is different. 


Check Out the Market: If home prices in your area are skyrocketing, selling could mean cashing out big. But if the market’s a little soft, renting might be your better option. Don’t forget to peek at the local rental market, too. If there’s a strong demand for rentals in your area, that could be a sign to hang onto the property. 


Pros and Cons: Let’s Be Real


Pros of Selling: 

  • Instant cash in your pocket. 
  • Say goodbye to maintenance and tenants. 

Cons of Selling: 

  • No more potential appreciation. 
  • That capital gains tax could sting. 


Pros of Renting: 

  • Ongoing rental income. 
  • Some sweet tax deductions for repairs and maintenance. 

Cons of Renting: 

  • You’ve got to play landlord, which can mean 3 a.m. phone calls about broken furnaces. 
  • Risk of bad tenants who don’t pay or damage the property. 


Think About Your Long-Term Plans: Are you in this suburb for the long haul, or is the property more of a short-term thing for you? If you’re not emotionally attached to the house and want a simpler life, selling might feel like a relief. But if you think the area’s up-and-coming, holding onto the property could pay off later. 


Getting Help When You Need It: If the idea of dealing with tenants makes you want to run for the hills, a property manager can handle the hard stuff. It’s an added cost but could be well worth it if you don’t have the time or patience. 

Final Thoughts 



Ultimately, deciding whether to sell or rent comes down to what makes the most sense for you financially and personally. When I kept my house as a rental, it worked because the numbers added up, and I was willing to be a landlord. If that doesn’t sound like your cup of tea, there’s nothing wrong with cashing in and moving on. 

So, take a deep breath, grab a cup of coffee, and weigh the pros and cons. You’ll figure out the right move!