Home Selling in Arlington>Question Details

Br, Both Buyer and Seller in Arlington, VA

Sell or rent (Arlington, VA)?

Asked by Br, Arlington, VA Fri Jun 13, 2008

First off let me say that I DO NOT want a real estate agent at this time, I already have 2 really great ones. I have a 40 year old 1 bedroom condo in the Pentagon City area. The exterior is getting renovated and I hope that in about a year when they finish the renovation I will be able to recoop for the price I bought it for in '05. According to Trulia, Arlington 1br units are still selling for an average of almost $500/sq ft which is great, prices have steadily increased based on the number of home sales dating back to 2000, even with this "declining market". I bought this place because of its proximity to DC and walking distance to metrorail.

Having said that, if I rent this out, it may not be for the full cost of my mortgage and condo fees (probably about $200 short), but if I sell the unit for what I got it for in '05 isn't that better?

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It all depends on the tax advantage I would recommend for you speak with your CPA and place it all on a piece of paper. I know that I have leased property for less knowing well in advance that the market in an area was going to spike I made the money back plus a ton more. Or I allow a tenant to live on property for less while the improvements take place I still make money

http://www.lynn911.com
0 votes Thank Flag Link Fri Jun 13, 2008
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