In this hot seller’s market, it’s all-too-tempting to consider selling your home – whether you really need or want to move – just to be able to capitalize on the equity your home’s inevitably accruing.

But is it the best decision financially?

Making that determination of whether it makes sense to sell only to buy again or rent another home is a complex process.

Thankfully, SmartAsset offers interactive tools and guides to help so you can make confident and informed decisions.

So before you pull the trigger, ask yourself these five questions:

1. How long do you plan on staying in the area?

It’s important to consider how long you plan to stay in your home. If you’ll only be in town a year, renting is likely your best choice.

2. How much flexibility do you need?

If you know a move could be on the short-term horizon, it’s not always a good idea to spend time and money buying a house.

3. Are you prepared for the responsibility of homeownership?

With homeownership, you’ll have to be prepared to spend your weekends fixing and maintaining your property, both inside and out.

4. How much do you want to spend upfront?

The upfront costs of buying a home can prove costly with a down payment, closing costs, loan charges, appraisal fees and more. As a renter, however, you’ll likely just pay an application fee and a refundable security deposit.

5. How much can you afford every month?

There are long-term financial advantages to homeownership, such as a mortgage interest tax deduction. Conversely, rental payments have no such advantages and prove costly over time but renters don’t pay property taxes, homeowners insurance or maintenance costs.

Once you’ve answered the questions above and have a good idea of what your needs and wants may be, SmartAssets recommends speaking with a financial advisor after answering these quick and easy questions about your current financial situation and using their rent vs. buy calculator to help you see when you’ll reach your break-even point.

As always, making such huge decisions takes time, research and the trusted guidance of experienced real estate professionals. At DeLeon Sheffield Company, we know how important these decisions can be, and are always honored when our clients entrust us to guide them through some of the most important chapters of their lives. Give us a call today to see how we can help you, too.

Because at DeLeon Sheffield Company, ‘We’re More Than Realty; We’re Family.’