Good to see other folks in the same situation
We own a condo in Chicago, IL and our plan when buying the property was to keep this for investment purposes in future. Once we finalized our permanent move to Canada, we starting weighing all the pros and cons for keeping the property.
Though there are no major cons in keeping the property in USA and just putting it on rent, it kind of adds a hassle of managing money in 3 places (USA, Canada and home country). In addition to this, we’d have to file taxes in USA until the property is being rented out. Furthermore, finding tenants and being a remote landlord can be a pain in it self. One might have to invest some money eventually in getting a good property management company.
Considering all the above mentioned points, we did some upgrades to our home (Re-did the bathroom etc. as it was a bit dated), and put the property on market few days back for a higher asking price than we bought it. This has been our primary residence for over 2 years, we’ll not be paying any capital gains tax.
We’re both starting jobs in our Company’s Canadian entities as soon as we land, so we’ve prepared to financially support the property in USA until it sells.
PS: Things would have been completely different if we were to stay in the States.
Hope this helps!