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Updated 5 days ago, 12/17/2024
Title: Sell or Rent? Advice Needed on Historic Home in Northern Virginia
Hello all,
I’m looking for some advice on a real estate decision. My wife and I own a beautiful historic home in a small, charming town in Northern Virginia. The house has been featured in magazines and garden tours and is valued around $1.8M. We still owe roughly $900K on a 3% mortgage.
We’re planning to retire abroad and are weighing two options:
1. Sell the home – I already have a buyer lined up, so this would be a straightforward exit.
2. Rent it out long-term (furnished) – While I don’t think the rent will fully cover the mortgage, it might come close. I’m also aware there could be tax advantages to running a rental business, which could help offset the shortfall.
I’ve had experience with short-term rentals in the past, but I found them to be a headache. That said, I haven’t managed a long-term furnished rental, and I’m wondering if it might be less stressful.
For context: I’ll likely need to hire a property manager since I’ll be overseas, and I want to make sure I’m not locking myself into a hassle. On the other hand, keeping the house could allow us to maintain an appreciating asset in a desirable location.
I’d love to hear from others who’ve faced similar decisions.
• Are the tax benefits of renting worth it in a situation like mine?
• How do you evaluate the long-term rental market for a historic, high-value property?
• Would you sell or hold, given the 3% mortgage?
Looking forward to hearing your thoughts and experiences.
Thanks!