Title: Sell or Rent? Advice Needed on Historic Home in Northern Virginia

[Travis A.]

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!

[Alan Asriants]

You need to get in contact with a Luxury RE Agent and high quality PM. That price point is very high and as others pointed out, finding that tenant is very very Niche. Your 3% rate likely helps you with cheap debt and without the need to chase high that normal rental rates. At this price point though - I think turnover is probably very high. I'm not in this space so my advice might be incorrect but I would do one of the following:

1. sell and cash out

2. Rent to close friends and family and on AirBnb to cover my expenses

Other than that I think finding a LTR furnished at that price point will be very challenging