When you’re ready to move on from your current home, you have two options: Sell or Rent. There are several factors you should consider in making your decision, including, but not limited to the following aspects.
Are you moving away from the area, and if so - is it permanent or do you plan to come back in a few years? If returning, renting may be a great solution for you and can help you avoid capital gains tax from the sale of a home.
Your Finances and the Rental Market
Can you rent a home in your area for enough money to cover your mortgage payment, insurance and expenses for the home? As you collect monthly rent from your tenants, if you have enough expenses to offset it, you may not even owe taxes on the rent. Rental property can be a great asset and provide you income in your retirement, either in collecting monthly rent or if you sell, you can covert your equity into a lump sum.