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By Andrew Housser

Sometimes it happens because you have a new job, a new relationship, or a separation. Sometimes you need to care for an aging parent or other loved one, or you have a temporary work assignment across the country or across the ocean. Often, you are simply moving to a new neighborhood across town or buying a larger home. Or maybe you are struggling to keep up with the mortgage and maintenance. Whatever the reason, you own a home, you need to leave it, but you are not sure whether to sell or rent. Here are eight ways to help you decide.

1. If you barely make the payments now – sell. If you are struggling to make mortgage payments, think twice about keeping the house. This is especially true if you are loaded down with debt or have little in savings.

2. If you are uncertain you will return to your current locale – sell. Many experts expect the housing market to continue to improve in 2015. If you honestly do not know if you will return to the home, do not keep it based on sentimental attachment or the expectation that its value will increase. Being a long-distance landlord brings along many hassles and expenses. Add to that the question of whether the market will be stronger or weaker if you also need to sell the home long-distance.

3. If you are uncomfortable with the associated risk or responsibility – sell. This question goes beyond financial considerations to a “gut check.” If, in all honesty, you do not want to be responsible for a home that others live in, you will probably not find the investment of a rental property to be a good match for you.

4. If property values are declining – sell. If homes in the area are not holding their value, it will be difficult to find quality tenants. Similarly, figure out how much it would cost to get the home up to par for the rental market. Can you afford the expense? If not, sell the home and invest the proceeds.

5. If you might move right back to town and would want to buy a similar home – rent. The costs of selling a home can amount to nearly 10 percent of the home’s value. These charges include real estate agent fees, taxes, inspection negotiation and repairs, escrow fees and sometimes portions of the buyer’s fees. It will take a long time to recoup these costs with your next home. In this situation, you might be better off renting your home.

6. If you could not afford to buy again in your area – rent. In some locations, housing values have risen so quickly that current homeowners could not afford to purchase again in the same area. If this applies to you – for instance, home values have increased, you have borrowed or otherwise reduced your equity, and/or your salary has declined or you have retired – you might think twice about selling your home if you expect to return to the area. The caveat: You must have funds to cover the mortgage if a renter falls through. You should also have money available for needed upkeep and repairs.

7. If you own the home outright – rent. If you have funds available to cover maintenance, taxes and insurance, and are comfortable being a long-distance landlord, you might want to keep your home and rent it. Those who are financially solid, you may benefit from rising property values and rental income. Hiring a property manager can help in watching out for your interests and handling issues that arise. Be aware that these services often cost 5-15 percent of the rental fees. You will also need to set aside 3-5 percent of the property value per year for repairs and maintenance.

8. If you crave the investment, but you are deep in debt – sell. Many people believe home ownership is a non-negotiable part of the American dream. But if you would be balancing being a landlord with paying for your primary home and chipping away at debt, take a look in the mirror. The real dream is financial freedom. In this situation, it is best to sell the home, repay your debt and start fresh. If your financial picture clears up later, you can think about becoming a property owner then.

Becoming a landlord turns your home into an investment. An investment account is one thing, but a rental property comes with risks, demands and costs. If you can afford the costs, you have consulted financial and tax advisors, and you can tolerate the risk, renting is worth consideration, and could be profitable. In many cases, however, selling a home is the wiser route. It is critical to think about all the options to make the best choice for your financial future.

Andrew Housser is a co-founder and CEO of Bills.com. a free one-stop online portal where consumers can educate themselves about personal finance issues and compare financial products and services. He also is co-CEO of Freedom Financial Network, LLC providing comprehensive consumer credit advocacy and debt relief services. Housser holds a Master of Business Administration degree from Stanford University and Bachelor of Arts degree from Dartmouth College.