You've decided to buy a new home. But what are you going to do with your current one: rent it or sell it? Below are a few things to consider before making your decision.

What's the rental market like? If you anticipate uninterrupted occupancy of your property, you can view the rental arrangement as a way to have your cake and eat it too - your tenants can help pay off your mortgage as your property grows in value.

What's the buying and selling market like? Every market's different, and yours might be kinder to sellers right now - or not. If it is a buyer's market, renting out your property until the market changes may make more financial sense.

Do you have the time and inclination to be a landlord? Consider the distance from your current home to your new home, and if you'll have the time to maintain both properties. If not, you'll want to have a reliable back-up person available to deal with any repair issues you're not able to address.

And, of course...

Can you afford it? If you're like most people, you probably need the money from your current home in order to purchase your next one. Consider the equity in your current property and the financing necessary for your next property before making your final decision.

     An investment property can certainly be profitable for you in the long run, but make sure you get all the facts first, by talking to your lawyer, your mortgage advisor, and your real estate sales representative.