So I’m in a very good position with my house currently, but I’ve outgrown it and want to move to something bigger. I have the option to sell it or rent it, and I’m at a total loss of what to do. For some context, I live in a 1300 sq ft connected end unit townhouse. It’s only a few years old, and has brand new carpets upstairs. This is the first home I’ve ever bought, and I have zero experience in selling or renting.
My mortgage is only $1070, but I feel like I could rent it out for $1600. Possibly to a family or couple. Just not sure if the risk is worth it. I’ve looked into Zillow rental management, but it seems very confusing to me.
According to Zillow estimates, the house is worth about $40- 50K more than what I bought it for. But I owe quite a bit in principal still. So I could still get a nice chunk of money selling it. Especially now since it’s a sellers market.
So I could use some advice. Would you take the risk of renting it out? Or just sell it while the market is super hot for selling? I feel like maybe I’m missing out on a great opportunity to sell while the price is high, before it possibly drops in price.
I’m a newbie at this, so apologies if this is the wrong place to post/ask this.