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Should You Rent or Sell Your San Diego Home?

by Gary Kent / Tuesday, 22 January 2013 / Published in Q&A - Home Selling Questions

Question:

“My mom needs to move to an assisted living home and we’re debating whether we want to rent her home or sell it. What do you suggest?”

Answer:

Everyone’s situation is different. But I’ll give you some general pros and cons:

Renting

Pros:

  • You may get a better return than putting the money in the bank.

Cons:

  • You could get a tenant who doesn’t pay rent or damages the home.
  • You have to deal with general management of the house.
  • IMPORTANT: Under IRS Code 121, your mother can likely shield up to $250,000 of gain when she sells. However, if she’s out of the house for three years, that tax break goes away.

Selling

Pros:

  • It’s clean and easy. Sell the home and you don’t have to worry about management.

Cons

  • Monthly income may be lower than renting. But you will have the principal to draw on.
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Tagged under: ask gary kent, san diego home renting, san diego home selling

About Gary Kent

Licensed since 1984, San Diego real estate broker Gary Kent is a recognized authority on real estate. In addition to selling over 5,500 homes for clients, he has been an expert court witness, trainer of other agents, and he does seminars on home buying, home selling, and investing. Gary has sold homes for The Salvation Army, dozens of major banks, and Fannie Mae, amongst others. You can find Gary on Facebook, Instagram and YouTube.

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