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DC
METRO REAL ESTATE
Serving
the Real Estate needs of the communities of
Manassas, Bristow, Haymarket, Warrenton, Gainesville
and Culpeper in Northern Virginia
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Dave
Scardina
Broker
/ Owner
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703-829-SOLD
866-909-0900
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Manassas Real Estate GuideRent or Buy Manassas For most people, the chance to trade nondeductible rent payments for mostly deductible mortgage payments is a powerful inducement to trade a rental home into a Manassas of your own. This is by far the single most important reason why people decide to buy their first Manassas.
However, whether you are considering your first Manassas investment or planning to move up, the number crunching necessary to figure out how much house you can afford depends on two calculations: one for actual monthly outlays, the other for the true, after tax costs.
The Benefits of Selling Manassas In order to sell Manassas as your personal residence, you must have lived in it for two out of the five-year period ending on the date of the sale of the property. This means that you can buy a second home and live in it as your personal residence while renting out your first home. If, in a couple years you decide to sell your first Manassas personal residence you can sell it and still benefit from the $250,000 to $500,000 Capital Gain tax exclusion. The law says that the home must be your personal residence for at least two out of the past five years.
What Makes Manassas Sell? If your only reason for selling your Manassas is for the purpose of taking your profits there are a couple ways to approach this. Assuming you have lived in the Manassas for two years so you can avoid federal tax consequences, if you sell when prices are high and rent until prices come down before buying a replacement home, you will have maximized your profit. Remember, if you sell when prices are low, you will still make a profit and be able to buy a replacement home while prices are still low.
When Manassas Does Not Sell Here is where your agent’s expertise and diligence comes into play. A top agent will consider what similar Manassas have sold for within the last 3 to 6 months and compare those homes condition, features and location with your home. If there are no comparable sales in the area, which is often the case with custom or one-of-a-kind properties, the agent may suggest that you obtain a formal appraisal.
A homeowner who must sell and sell quickly needs to price their Manassas at or slightly below market to ensure a quick sale. A different homeowner may want to sell but has time and wants to get the top market price. These homeowners will often price the home slightly above current market prices and expect interested buyers to offer a lower amount to start the negotiation.
Manassas ADVANTAGE The advantages of buying in any particular city or area depend on the buyer’s individual needs. Factors include proximity to schools, work, shopping, recreation, cultural opportunities and health care. Affordability is another important factor. So your first step in considering Manassas or any other city is to determine which of your needs are met and which are not met.
Manassas DEPRECIATION Depreciation is the loss of value of a building or an asset due to wear, tear, and aging. Depreciation cannot be applied to your personal residence unless you use your Manassas in some way for business. If you do depreciate a part of your home, let's say a home office, there are tax consequences you must consider when you sell your home.
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