Do I sell or rent out my first home?

[Alex Guerrero]

Im 24 and looking to change my future. Im going to be moving but i cant figure out if i should sell my home (which is my first home) or rent it out. After i lose my homestead to rent it out the morgage will be about 1815.44 a month including taxes/escrow, intrest, payment.

I purchased this home at 198,500.00 it is now valued at 232,000 minimum and i owe 186,668.73 remaining on the home.

In short is it best to sell this 2 year old home thats in a developing neighborhood or should I create my first rental with this home?

[Taylor Dasch]

I kind of had a similar situation with my first home - but I lived in it for 4 years. For me I chose to keep it for emotional reasons because Its still the nicest property I have lol. So I have rented it out for the last 3 years. To me, it depends on what your goals are.  I would keep it as a rental for as long as possible. Then when it has appreciated more, you can choose to cash out refinance or sell it. Will it cash flow right now? If not I would probably sell it or stay in it ideally. You will probably have to write your own thoughts on a piece of paper as well as the pros and cons of both scenarios. This can help you a lot! Be sure to have a long term vision for yourself.