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We are planning on moving out of state. One of our big questions is: should we sell our home?
We would list the house for 1.1 mil, get about 1 mil and stand to make about 500k after taxes, commissions and loan payoff (even in this down time)because we bought it for so little 10 years ago. On the other hand we could rent it out for about $3500 a month because of its location in LA and its size.
I'm worried about being an out of state landlord, but I could pay someone here to handle most of it I suppose. I also worry if I move and don't like the new environment that I may want to come back and not be able to afford another place. Decisions..decisions.
I think the biggest question to answer is how much of the cash you would receive from the sale of your home would you use to purchase your new home? If you didn't sell your home would it put you in a more difficult position for purchasing your next home? Have you calculated all of your monthly expenses on renting the home (mortgage, insurance, taxes, etc.) against your rental income to see how much you will net? Now, that being said with interest rates as low as they are it might be best to put less down on a new home and hold onto the equity in your current home and receive some rental income on it.
If you are that hesitant, then I would suggest you rent it out. Especially if you have the option of moving back, if you don't like your new area. But get a good property manager that will take care of everything for you and make sure that they will check on your home periodically. They will / should prescreen your renters as well. A good renter is everything.
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