In the current times, with money being short for some and property values declining, many people are asking if retaining their home is a wise decision. No one wants to end up in a position where the debt for their property exceeds its value. Yet, many are finding themselves in that position or reverting toward that direction.

There are many things that one may purchase in ones life. Still, no purchase is as sound as property. After all, there is only so much land to go around. It may not be the best idea to easily part with such an immensely valuable asset. Thinking in terms of, not just the house but the land it sits on, the strategy of ‘staying put’ or getting creative with your options may become increasingly desirable.

There are several options that may allow you to capitalize on your investment. Which one will suite you is relative to your personal situation. If you are already in danger of foreclosure you may need to consider more immediate action. If you can maintain your home from an economic standpoint but want to see more return on your money, rather than suffer from the nagging sensation you are pouring funds into a bucket with a hole, there are some inventive roads to explore.

So what is the answer to the big question “Should I sell my house?” Check out these three tips and you make the call.

1) Rent

If you have more than one property it may be a wise choice to rent one out. Rental options are also great if you need to ensure a basic increase in cash flow or a buffer for any losses you may be suffering for depreciated home value. If you are in risk of foreclosure renting a room in your home may allow you to garner the funds you need to prevent it.

2) Delay Selling

If your major issue is that your home will not sell and you can afford to stay put, do it. Better to wait out a downturn than to suffer a financial loss.

3) Cash Out

If you can muster up a cash buyer you might embrace the opportunity. For those in a position of no longer being able to afford their homes or those who must liquidate assets quickly this may be the best option.

Overall, if you are wondering “Should I sell my house?”, your best course of action is to consider if you are ready to make an irreversible choice. If not then explore what else can be done. These tips are just a start, you may have more options than you realize.