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Old 06-07-2007, 01:28 PM
 
5 posts, read 24,564 times
Reputation: 11

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I've owned a condo for about 3 years in the Seven Corners area of Falls Church, VA. It's an ideal commuting location with tons of things to do all around (shopping, entertainment). There is a metrobus stop in front of my building. Also it's 5 miles outside of DC. The condo is a bit on the older side (35 years), but it's in great condition. Kitchen is brand new and completely renovated. It's a small one bedroom.

The thing is, I'm looking to move out by the end of this year. I'm not sure whether to rent it out or sell it. We need the money from the sale to put a decent down payment on a house, but renting it out in the long run also looks appealing.

Also, the housing market isn't exactly great right now and selling may take some time. We want to move out ASAP, we've completely outgrown the place.

What do you think? Sell or rent?
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Old 06-08-2007, 07:52 AM
 
Location: Arlington, VA
260 posts, read 1,544,735 times
Reputation: 111
The main thing to ask yourself is could you rent it out for positive cash flow, even with maintenance and/or management fees.

For me, I regret not keeping my old condo in Reston when I moved to Arlington. Almost monthly I kick myself in the rear for selling it. True, I would have had to get a smaller or less centrally-located place in Arlington, but in hindsight it would have been worth it. I don't know if it applies to your situation, but that's my experience.
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Old 06-08-2007, 07:59 AM
 
1,684 posts, read 5,669,849 times
Reputation: 739
I am kind of in the same situation though I am not going to buy a new home right now. I am moving to a new city but am not buying a new home there until I get a feel for the area. I decided to rent my condo unit to a friend of mine. Before it was settled she would move in I was apprehensive about renting it out as I live in a military town and folks move in and out like the wind and finding good tenants seemed daunting. If you can afford to buy a new home without the large payment from the sale of the condo you might consider renting it out especially if you have a positive cashflow situation.
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Old 06-08-2007, 08:33 AM
 
Location: TX
3,029 posts, read 10,641,584 times
Reputation: 1362
check to see what the condos in your area are going for.

Then ask yourself these questions...
Are you going to make a profit? if so how much? Is that good enough? what's the lowest you are willing to go?

Being an absentee landlord is tough, getting soemone responsible in there is hard as well. One good thing about renting to military is that you have a recourse through the chain of command if they trash the place etc...

we are in a simuliar situation here in Leesburg... sell for a loss or... find a good tenant that won't trash all the work we've done in the last year.
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Old 06-08-2007, 08:49 AM
 
1,261 posts, read 5,607,075 times
Reputation: 553
That's a tough call. I've been renting out my condo in N. Arlington for several years now and have been fortunate to have found very responsible tenants who have stayed several years at a time. Credit checks are key. Right now, it pays itself. I have not used it to make a profit.

How long the condos are in the market in your area and their sale price may help you determine what to do. As a caveat, please note that the sale price doesn't reflect if the seller is offering closing costs, which is becoming quite common in today's market. One option you may want to consider is lease to own if you are sure you want to sell the property.
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Old 06-13-2007, 07:48 PM
 
4 posts, read 32,971 times
Reputation: 11
Sell and quik
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Old 06-14-2007, 03:22 AM
 
Location: Virginia Beach
486 posts, read 1,766,357 times
Reputation: 155
Default hold onto it

We are having a serious buyers market right now and there are too many homes/condo's on the market and only half as many closing, compared to last year. I would keep hold of it and rent it out until the market levels out.
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