It's a personal decision on whether one chooses to rent or sell their home, but we would like to discuss the reasons you may not wish to rent your home. Let's start with becoming a landlord for the first time.
Becoming a landlord can come with a whole slew of challenging responsibilities. For one, you will still be responsible for repairs. Also, insurance, taxes, and advertising can become costly. Another factor is you will have little control over the people who live in your home. You may end up with tenants who don't pay on time or diminish the condition of your home that you have worked so hard to keep up. Even if you get the best of tenants, they will not care for your home the way you do.
You could avoid these burdens associated with renting if you opt to sell instead. We know the selling process can be stressful, and there will be some effort required on your part, but when you sell, then that's the end of it. You won't have to deal with strangers living in your house who might be causing damage and thereby reducing the home's value. You also would not have the stress of answering your tenants' calls for maintenance and repairs.
One of the central reasons people opt to sell their home is to generate enough cash to cover the down payment on their next property purchase. Having a more significant down payment gives you greater leverage to acquire the home you want in the area of your choosing.
Take some time to consider your options and weigh the pros and cons of each side. Enlist the Linda Hall Team's help as we might be able to guide you with a better deal than what you expected going it alone.