The question every Nashville homeowner asks
Here’s another question that I received from our audience. I’m sure may of you can relate to the dilemma as this is common question among Nashville homeowners.
“When owning a home and considering an upcoming move, the biggest challenge I face is deciding between these options: 1) sell the house and cash in on the equity; 2) to rent the house and utilize it as a secondary source of income; or 3) to just stay put.”
This question also reminds of a letter that I wrote last month, Should I Stay or Should I Go. It’s about how to make tough decisions in your life. I will use those ideas to address this important question.
Hard choices are tough, because there is no right answer that will work for everyone. In that last post, I recommended that you ask yourself these questions.
Who Do I Really Want To Be?
What Do I Want My Story to Say?
Which Choice Can I Stand Behind Wholeheartedly?
I also recommended that you start with the end in mind and work your way back to the answer.
To start at the end, I would ask the question: Where do you expect that you will want to live 10, 20 or 30 years from now.
If you think that you would be happier in another location or the home will not fit your lifestyle later in life, then that might drive your decision to sell the home. If you cash in on the equity, there could be tax implications if it is not reinvested in another home. Talk to your CPA, before you finalize that decision.
If you think that you would be happier in another location today, but over time would want to move back to that home (or neighborhood), then I would consider renting the home. Leasing your home (especially long distance) comes with its own set of headaches and burdens. Investigate the renting option and talk with a property manager before you make the decision to rent.
If you think that you would be happy in your home for a long time and it is not a financial burden, then by all means stay put. There are other ways to access the equity if you have to have it. Some folks move with a plan to go back later in life. Sometimes they find that overtime they have been priced out of the neighborhood, especially in urban areas.
I have simplified the issue in order to better illustrate it to you. This decision is much more difficult in real life.
As you examine your decision from the end continue to ask yourself, “What choice can I stand behind wholeheartedly?”
Follow your heart; I am sure that you will find your answer there.
What would be your answer?
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