What to do about a house?

[grapejelly]

Re: What to do about a house?

I live in the Virginia (Reston) suburbs of DC. While the outer burbs have been crushed, inside the Beltway (Arlington/Alexandria) and DC itself haven't been hit so hard -- that's a major discussion point on the Northern Virginia Housing blog http://novabubblefallout.blogspot.com

I bought my townhouse in late 1996 on a 15 year loan. Nearly paid off (I could do so any day, but I've got better things to do with the cash). So far, rent is larger than my mortgage + taxes + insurance, even before the tax writeoff.

I certainly considered selling the place and renting, but I like the idea of having a place that is mine (yeah, yeah, with the "rental" fee from Fairfax county). More importantly, my wife likes being able to paint the walls (she's got a taste for colors) and change things.

Sometimes the intangibles are worth it....at least at the price we paid. ;)

I live in Fairfax also. I won't address the intangibles. But I will address why the market hasn't tanked. The income is quite high due to the lucrative government tit here.

People with assets have just been creamed. People with lucrative government beltway gigs still have their income.

I am not sure, though, that this will last. I forsee layoffs of government employees (federal included) and housing prices falling even around here (inside/outside the Beltway.)

I could be wrong.