Owning — what nobody told you about the second year.

The standard rule is 1% of home value for a single-family home, 0.7% for a townhome, and 0.4% for a condo where the HOA covers the exterior. Older homes and those in harsh climates run higher. Whether you set it aside in a sinking fund or not, you'll spend it.

When the rate drop is large enough to recoup closing costs (typically 2–3% of the loan) within your remaining hold period. A common rule of thumb: rates need to drop at least 0.75 percentage points and you need to plan to stay at least 3–5 more years. Run the actual numbers — don't trust the rule of thumb.

Two main reasons: the assessor reset your value (often after purchase or on a periodic reappraisal cycle), or the millage rate rose to fund local services. Texas, Florida, and California all have well-documented post-sale reassessment effects.

Depends on the cap rate (annual rent / property value, net of expenses), the local rental demand, and whether you can manage the property remotely. A well-located property with a 5%+ cap rate and steady tenant demand often justifies keeping. A property with a sub-3% cap rate is often financially better to sell.