Rent or sell my home? Help me decide

[Ashley Hadford]

Hi all. We bought a townhome in October of 2022, intending to live in it for 3 - 5 years, then rent it out. Unfortunately, we have to move a few hours away in September because of work. If we rent our house out, the tenant would likely cover our entire mortgage, but our HOA costs are high (they were raised a lot recently). So we are faced with a tough choice: do we rent our home out and lose about $200 per month because of high HOA costs, OR do we sell and hopefully break even? Our house has not appreciated much since October 2022, and homes are moving very slowly in our area with frequent price cuts. We'd likely lose our down payment of around $15K but break even in not owing any money.

Is it even worth considering renting at a potential loss of HOA, also knowing home repairs could be needed in the future? Or is it wise to hold onto the property, hoping for future appreciation? We are sure many of you have grappled with these questions and we would value your insights.

Thank you so much!!