Rent it or list it?

[tigger37708]

Originally Posted by saigafreak

I'm definitely in agreement that NoVA will be a place to eye on when the bubble pops. There are a few towns in Maryland that aren't so bad from what I understand, such as Crofton or Odenton. PG and Montgomery counties, well, it's spotty from what I've heard and seen.

There wont be a Bubble Pop in the DC area. Even if the GOP wins the election this fall and rolls back the out of control spending of the last three years. Most proposals I have been hearing is to revert to 2010 spending levels. Even the most fiscally conservative small government wing of the GOP is only talking about reverting to 2008 spending levels. And I thank all agree and understand that the Government spending cuts cannot be too abrupt.

So projecting the most extreme spending cuts being discusses ie. back to 2008 spending levels.
Do you know what DC real estate was selling for in 2007?
Much More than it is now.


The bubble pop here in DC was caused by Lending Practices.
Most of that has worked its way out of the market by now.
There are still some Foreclosures to sell, and some short sales to work through. But toxic loans are not being written like before.
The Employment Situation in DC is strong, and there just wont be the massive layoffs you may be thinking about. If anything reduction in Federal employment levels will be attained through attrition, and then Federal contractors and vendors will pick up the slack.

[STT Resident]

As a novice landlord, it would be foolhardy at best to supervise the rental of your house yourself and you don't have sufficient time to become educated in all the ins and outs although it certainly wouldn't hurt to start reading your state landlord tenant laws. Renting is certainly an option but you need to find a highly reputable and well established property management company to handle everything for you. There's no reason why you can't have the house up for sale while renting it and there will be several contingencies written into the lease in this event for both your protection and that of the tenant. You'd be well advised to not only utilize the PMC but also have a reputable real estate attorney put together an appropriate lease. Good luck!

[sware2cod]

SELL IT. Do not rent it out. It is not worth the hassle.

If renting it out you would probably lose any homestead exemption that you might have and this could result in higher property taxes. Also you would need to get a different HO Insurance policy that is for renting the house out to others.

Your end plan is to sell anyway. Why hold onto it? When you own that home, standard maintenance items will be yours to cover. As the home ages, these items will come up: gutters cleaned and repaired, interior/exterior paint, roof, furnance, dishwasher, fridge, cabinets, carpet/flooring, AC, lawn, shrubs, mulch, tree trimming, oven/range, water heater, etc. This stuff needs to be maintained even if perfect renters.

[Squirl]

Sell.