Another option that you might want to consider is an exchange (or swap). Essentially, you'd agree to buy someone else's property provided s/he also agrees to buy yours.
A third option is a lease-option (aka rent-to-own). This way you could try out a neighborhood and home to see if they're a match, and you could close on it later if it is, or move after the lease ends if otherwise.
They are both good areas that you are moving from and to.
Surely, you understand there are tax consequences associated with making your principal residence
a Rental. However, it maybe prudent to check out your area first in Annapolis / DC before taking the steps
of selling it.
For a few months you can keep it closed or a few months rent it out.
Once you get a good property management company, renting the property will be easy.
From my experience I have learnt that when you rent to folks with good credit 720 and above you
dont have much issues.
If you don't have much equity in the home you are currently in, and the rental market is strong enough for you to not only be able to rent but also cover your mortgage ~ then renting is an option for you. Where you are relocating to you might find there are advantages to renting -- as you said to get to know the area better is a consideration.
Another thing to think about as you weigh your decision is --- how far away are you relocating to? You'll have to think about whether you need a property manager to oversee your home and unexpected repairs if you are far away.
I wish you the best of luck as you compare the pros and cons.
On the other end, I rented for a year and spent most of my weekends researching neighborhoods, looking at houses, attending local events and meeting people. It has worked out really well.
I suggest you talk to a Realtor in the area that you are thinking of moving into. I used to live in Northern Virginia area and depending on your home needs there are so many neighrborhoods inside the beltway or out in the suburbs. If you are moving closer to Annapolis, this is a whole different area, on the north side of the beltway, If you will be communiting to work, I would move as close to your office as possible because the traffic can be a nightmare at rush hour. Rent for 6 months or so to get a feel of the area, then purchase in the area you like.
Michael Saunders & Company
5100 Ocean Blvd
Sarasota, FL 34242
If you can afford to do so - and your home in Boston is in a good neighborhood - why not keep it? Generally - it is better to sell when the market is strong. A few years down the road may be a better time.
I lived in Annapolis for years and know it well. You will LOVE the area and surrounds. If you need assistance - feel free to contact me,
Licensed in MD, Virginia and D.C.