Should I Sell Or Rent out my primary residence?

[Gary Sanchez]

I currently reside in Philadelphia, We bought our first home in 2015 for 155k. We are not planning on moving to Indiana. My question is should we sell or rent it out? We owe about 132K left on it at 4.0% We upgraded the kitchen converted the attic into a room. Remodeled the basement added 1/2 bathroom. Remodeled the upstairs bathroom. Added Laminate Flooring Throughout the House. Extended the deck in the back yard as well. House is about 1200 sq ft.

Should we sell this or rent it out?

[Paulette Midgette]

@Gary Sanchez, may I suggest you and "we" sit down and discuss your future goals for real estate investing.  You have already started your real estate investing by purchasing your first home and increasing the value.  Do you want to use the money from a potential sale to buy a property in Indiana?  Or maybe you can use the money to buy two properties in Indiana, one you live in the other you rent.  Maybe you rent the home in Philadelphia.  Depending on the area you are in, on average single families rent for $1250 per month at a minimum in Philly.  Expenses are pretty low on single family rentals, tenants pay all utilities, you pay taxes and a management company fee if you decided to hire someone.

After setting your goals, I would suggest you research the rental market and the cost of renting in both cities. I believe you have many options but you first need to know where you are, where you want to be, and map out a route of  how to get to your final destination.