Renting my house? (for sale, real estate, renter)

[Colsn]

Hello,
It looks like I might be transferring for work in about 6 months. I would love to sell my house but since I bought in mid-2005 I don't think I can afford the loss I would probably take. So I am wondering how strong the rental market is. Is there a lot of demand or will it take forever to find a tenant? I am in Kingsbrooke/Bristow. Also,anyone have any idea of the average rent for a 3 br, 2.5 ba SFH?

Also, is there a website to search for rentals so I can get some idea of what others are asking? Other than Craigslist that is? I am not really looking forward to being a landlord but I just don't see any other option.

Thanks in advance for any info.

[Yankeesfan]

You could check REALTOR.com - Real Estate Listings & Homes For Sale for what people are asking. It contains all properties that are in the Multiple Listing Service.

[moving1]

Also, review the website at the following link:

Virginia Real Estate - Homes near Virginia Military Bases (http://www.militarybyowner.com/states/va.html - broken link)

[Colsn]

Thanks very much for the links!

[saganista]

Another good place to run through is...

MilitarybyOwner.com - Real Estate near U.S. Military Bases

You don't have to be miltary to use it. It will ask for the nearest miltary base...the Pentagon and Ft Myer are on the list...

[sa_native1977]

Don't try to charge your actual costs of mortgage+taxes+ insurance, which may put you over the top in relation to rent in your area. You probably already know this.

I'm not a lawyer, but have you considered creating an LLC [limited liability corporation] and listing the property in that LLC? This may prevent tenants or their visitors from suing you as an individual in the event of an accident on the property.

Other ideas: Raise the amount of insurance coverage or get an umbrella coverage for liability insurance -- for peace of mind.

Find someone local who can check on the property in your absence.

Create a list of plumbers, electricians, AC/Heat repair companies that are approved for your tenants to call. Hopefully, you have a relationship with such people already.

Finally, have a master lockbox installed somewhere on the outside of the house. This provides instant access to anyone [a family member, contractor, real estate agent] who may need access to the property in your absence.

Could say more...but I have a habit of writing l-o-n-g posts. Best of luck to you!

[goldenmom7500]

Hi,

It looks like you've had good suggestions. I have some friends who have been renting in Bristow. They recently changed rentals because the previous owners returned from foreign service. I was under the impression that the rental market was tight as my friend was stressed out trying to find another place. For some reason the numbers $1800-2100 stick in my mind, but I'm not sure. Both (places) that they have rented are carriage homes. Anyhow, for what it's worth, they (as representatives of who is renting) are ideal, clean, trustworthy. If they are any indication, I would think you could find some good tenants as people are wary of buying right now.

hth -

[DavidS827]

Rent in that area is going to run from $1600-$2100 depending on what upgrades your home has. The other sites mentioned are okay, but HomesDatabase is going to be your best bet for the most accurate info available.

[Colsn]

Thanks for all the great info. I am aware I will lose money each month as the rent will not equal the payment, but that's the way it goes. I'm just happy to hear the rental market is still reasonably robust as I don't want to pay both rent and mortgage for a long stretch.

Thanks again.....this site is a great resource.

[slduvall]

As someone who is moving to NOVA in 6 months (April 08) and looking solely in Kingstowne proper, I can tell you that a 2 car garage goes for about 2500-2700, depending on the upgrades in the house, like granite.

When you get into that price range, you are attracting a certain type of renter and they are looking for those upgrades and perhaps for an end unit. I haven't seen anything higher, except single family houses, and those seem to jump right to 3000K+.

A 1 car garage seems to be going for about $2000+ again depending on the upgrades. No garage is 1500 - 2000.

Prices in the surrounding area (Island creek, Hawthorne) are slightly lower, but 2 car garages are more plentiful there.

It REALLY depends on where your house is. But Early spring is when the military are moving and are looking for houses.

I'm leaving a house here in FL and will be losing almost $1000K off the mortgage.

I can't recall if anyone else mentioned it, but remember that everything you do to your house as a rental is a tax deduction. Such as the insurance, any maintenance, all taxes etc.

FYI...if your's is a 2 car garage in kingstowne proper...I'm interested