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Updated about 2 years ago on . Most recent reply

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19
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Ethan Kohler
  • New to Real Estate
  • Metro Detroit
5
Votes |
19
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Sell Home or Keep as Rental??

Ethan Kohler
  • New to Real Estate
  • Metro Detroit
Posted

Currently in North Novi / Walled Lake area

I'm likely moving in next 8-10 months

Personal home appreciated roughly 80-100k since purchased in 2017. 

Current low interest rate. 

Any general advice relative to this market? Should I sell my house and take the appreciation if I can still get it, or try to keep my house (3 BR, 1.5 bath) as rental property if I can swing it financially? 

Any input appreciated. Curious to thoughts on trajectory of this area. 

  • Ethan Kohler
  • Most Popular Reply

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    Theresa Harris
    #3 Managing Your Property Contributor
    11,190
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    Theresa Harris
    #3 Managing Your Property Contributor
    Replied

    How much can you rent it for and what are your expenses?  You can rent it for a couple of years and then sell it while still benefitting from it being your home for tax purposes.  I'm not in the US, but I think you need to have lived in it the last 2 or 3 out of 5 years when you sell it to 'avoid' taxes on the appreciation.

  • Theresa Harris
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