Consider all possibilities when selling your home

Reason #4 for selling your house

Need less space than is in your current home.

Alternative Solution: Renting out part of your home could be an option. Alternatively you could rent out the entire house and buy a smaller house to live in..

Pros: If local property values are on the rise it might pay to not sell your home right now. By renting your home out you might gain some tax benefits and be able to claim rental expenses.

Cons: Becoming a landlord takes some work and can have its problems. You will need to find good tenants and keep the property in good renting order. You may need to consult a tax advisor, carry liability insurance and you will be required to keep good financial records.

Reason for selling #5:

Escalating costs of keeping your current home.

Alternative Solution: Again renting out part of your home could be an option. You could buy another house in a less expensive area.

Pros: If the property market is on the way up, your home might be worth holding on to as a longer-term investment. This is especially so if you are considering buying in a lower-priced neighborhood. By not selling you'll also save on real estate costs.

Cons: You will need to be in a position to carry another home loan as well as your current mortgage. Also, by waiting to sell, you may be disadvantaged when the market and prices level off.