U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-30-2012, 02:46 PM
 
Location: Richmond va
1,542 posts, read 4,001,342 times
Reputation: 626

Advertisements

Hey friends, I just purchased my condo 6 months ago, even though it is bad timing I have been offered a position at work in the Charlottesville area. This would be ideal for me for many reasons. I was told that if I took the job I could eventually move back to Nova one day as there will always be needs here within the company. I have throughly enjoyed my 3 and a half years in Nova but feel that the pros of being closer to family and friends (they live in Richmond and Roanoke) will outweight the neg. I am not concerned about renting out my place but wonder which of the two would be smarter? Thank you.
Reply With Quote Quick reply to this message

 
Old 05-30-2012, 02:54 PM
 
837 posts, read 1,617,131 times
Reputation: 659
Rent it. Four reasons: 1) You are moving to a lower COL and can probably afford to do so 2) Someone else will pay your mortgage while you bank the asset appreciation 3) If you get accustomed to treating it as an asset and not an income stream, one day, you'll find yourself with something worth several hundred grand thats fully paid off. 4) The associated cost of selling it (realtor fees, etc) and then buying a new place in a few years if you move back (transfer taxes, lawyers, inspections) make it all the more worthwhile to maintain
Reply With Quote Quick reply to this message
 
Old 05-30-2012, 03:02 PM
 
Location: My beloved Bluegrass
14,734 posts, read 10,627,366 times
Reputation: 19911
Rent it. Unless you got so extraordinary deal when you purchased it, because you have owned it such a short time, the costs of selling it will result in a loss.
Reply With Quote Quick reply to this message
 
Old 05-30-2012, 05:00 PM
 
Location: Chapel Hill, NC, formerly DC and Phila
8,574 posts, read 12,673,240 times
Reputation: 8334
Teebyrd86,

We just rented out our house in Vienna. So far, knock wood, it's been okay. We were going to sell initially, but I got cold feet and thought we may want to move back, so we decided to try renting. There is a real estate forum here on C-D with a renting subsection that is helpful. Although, many on there will try to dissuade you from being a landlord if you don't know what you are doing. I did a lot of reading and asking questions of those who are landlords. I figured we'd try to rent on our own initially and then go with a management company if that didn't work.

We advertised on AHRN, Militarybyowner, hotpads, and Craigslist. Militarybyowner had a cost associated with it. The others did not. Ultimately, we found our tenants from CL, and they have been great so far! We had lots and lots of replies. Definitely try to rent before school starts. Hope this helps somewhat.
Reply With Quote Quick reply to this message
 
Old 05-30-2012, 11:25 PM
 
Location: Washington, DC & New York
10,830 posts, read 26,420,127 times
Reputation: 6900
I would rent it, especially since you are close enough should you need to inspect it in the event of a problem. You would stand to lose money with the brokerage commissions and the like, after owning for such a short period of time. I doubt that you would have a problem renting it at all, especially if it's a newer complex.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare
(As You Like It Act II, Scene VII)

City-Data Terms of Service
City-Data FAQs
Reply With Quote Quick reply to this message
 
Old 05-31-2012, 12:32 AM
 
Location: Chicago area
14,398 posts, read 7,923,957 times
Reputation: 53518
I agree that renting it would be a good choice, however, live in it for two years after your last tenant to avoid paying capital gains. You can do an exchange as well after renting it but that can be tricky.
Reply With Quote Quick reply to this message
 
Old 05-31-2012, 01:53 AM
 
1,197 posts, read 1,832,241 times
Reputation: 990
Can you afford to pay the mortgage on it if you have no tenant? Did you put enough down that the rent will cover everything - mortgage/condo fee/etc? If both are false I'd sell it and eat the loss. Otherwise you will just have a condo bleeding money monthly with no guarantee its value will ever rise to cover the losses.

I would not count on being able to move back here once you accept another position either, even if it is within the same company.
Reply With Quote Quick reply to this message
 
Old 05-31-2012, 04:01 AM
 
Location: Everywhere and Nowhere
14,131 posts, read 27,089,099 times
Reputation: 6826
Quote:
Originally Posted by boyd888 View Post
Can you afford to pay the mortgage on it if you have no tenant? Did you put enough down that the rent will cover everything - mortgage/condo fee/etc? If both are false I'd sell it and eat the loss. Otherwise you will just have a condo bleeding money monthly with no guarantee its value will ever rise to cover the losses.

I would not count on being able to move back here once you accept another position either, even if it is within the same company.
Unlikely around here you'd be without a tenant for long.
Reply With Quote Quick reply to this message
 
Old 05-31-2012, 07:48 AM
 
857 posts, read 1,003,512 times
Reputation: 541
Quote:
Originally Posted by boyd888 View Post
Can you afford to pay the mortgage on it if you have no tenant? Did you put enough down that the rent will cover everything - mortgage/condo fee/etc? If both are false I'd sell it and eat the loss. Otherwise you will just have a condo bleeding money monthly with no guarantee its value will ever rise to cover the losses.

I would not count on being able to move back here once you accept another position either, even if it is within the same company.

this is a good point...unless you can rent it for what you pay in mortgage and will have enough to cover any expenses/repairs. You will definitely have to consider your expenses/repairs at you new place. Will you have enough $$ to maintain both residences? You shouldn't have a problem finding a renter, but unless you have the cash for the unexpected snafu, condo fees etc. AND *your* housing expenses, keeping it may turn into a headache.
Reply With Quote Quick reply to this message
 
Old 05-31-2012, 08:30 AM
 
93 posts, read 239,621 times
Reputation: 41
Default Rent it and find your back

I would rent in both cases. The likelyhood that you will be without a tenant around here is very low. You might have to eat one month's mortgage, maybe none at all. Also, rent in Charlottesville, this gives you the option of getting away from a bad neighbor, unforseen construction et al.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top