Rent vs. Sell in Lorton

Asked by Mike, Lorton/Springfield, VA Mon Jan 14, 2008

Having trouble rending my 2BD/2BA townhouse in Lorton. Should I try to sell instead now that spring is around the corner?

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9
Hi, , Virginia
Thu Mar 13, 2008
Mike,

You should have sold it in 2006. You missed the boat. You may not be making any profit now. In 2010 when your arm resets, then what? You may not be able to refinance if it appraises for less than you owe. Anyways, good luck
2 votes
Tamara Inzun…, Agent, Alexandria, VA
Fri Feb 29, 2008
It all depends on what your LONG-TERM goal is. If you sell now and make a profit, what will you do with the profit now? You say you bought the home in 2002, did you live in it for at least two years? This will determine if you pay captial gains tax on the profit. I think condos in Lorton are good for supplemental rental income over the long term. If you were to place an ad for rent on CraigsList for one weekend, how many inquiries would you get? Do this to see if there is a current demand for your unit. Pair this up with the cost of selling now, versus how much money the property can generate over the long term and decide if you should sell it. If you're making a tax-free profit, perhaps it makes sense to sell and buy another rental property closer in with a lower sales prce and lower condo fee (if you purchase a condo). The closer you get to DC, the better the rental market too.
Web Reference:  http://www.MovingToNova.com
1 vote
Tamara Inzun…, Agent, Alexandria, VA
Fri Feb 29, 2008
Awesome! As the owner of rental property I recommend that you also get automated email alerts specific to your property address. That way you never have to wonder what the property values are for your rental homes. You can go to http://www.MovingToNova.info for my Market Snapshot. Also, get some software to help you keep track of your properties. I recommend Quicken Rental Property Manager OR you can go to http://www.Microsoft.com and get some of the FREE downloads to keep track of the income and expenses.
Web Reference:  http://www.MovingToNova.com
0 votes
Gabi, Home Buyer, Virginia
Fri Feb 29, 2008
Good luck. Hope they are good tenants. If not, in Lorton you may want to advertise to the Ft Belvoir base and Ft Myer housing offices. Military tenants generally are better tenants and you can always get your money or they can get in trouble with their superiors.
0 votes
Mike, Home Seller, Lorton/Springfield, VA
Fri Feb 29, 2008
I just rented it @ $1295/month. If I sell it next year, I avoid the capital gains tax. However, if they are good tenants, I may keep it as a rental for at least a couple of years.
0 votes
Gabi, Home Buyer, Virginia
Thu Feb 28, 2008
How much are you asking to rent the whole house?
0 votes
Monika Kumar, Agent, Reston, VA
Mon Jan 14, 2008
Mike, if you feel comfortable email me the address of your home or enter it through my website so I can run analysis with comparables to make it easier on you to be able to decide what is best! You may request a snapshot through the site yourself. I feel, if you plan to keep it this year, keep it for at least 2010 but again who has the crystal ball!!
Monika
703 626 3327
Web Reference:  http://www.RealtyGeeks.com
0 votes
Mike, Home Seller, Lorton/Springfield, VA
Mon Jan 14, 2008
I'll stand to make a profit on it (I bought it in 2002). If I did rent it, I can almost break even per month.

My ARM doesn't mature until 2010. However, I'd prefer to sell it at this point because I've had two renters lined up and they both bailed before signing the lease.
0 votes
Monika Kumar, Agent, Reston, VA
Mon Jan 14, 2008
I don't think spring is going to make any large difference this year on prices of houses. Also depends on the mortgage on your condo and if you can recover that when you try to sell it.

Monika Kumar
The RealtyGeeks team - we care
703-626-3327
Web Reference:  http://www.realtygeeks.com
0 votes
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