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Reply to "Expenses when renting out a house [DC]"
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[quote=Anonymous]We are thinking of renting our house and moving elsewhere (not far away). Other than losing the homestead deduction on our property taxes, can folks who rented DC properties share how things like homeowner's insurance changed when going from owner-occupied to tenant occupied? I'd assume we'd want more liability insurance but would need less coverage for replacement since our possessions won't be there. Did you notify your mortgage lender, and were there any problems or costs? How much did you spend on licenses? It looks like about $190 at DCRA, and that filing the rent control exemption at DHCD is free. Were there other expenses you didn't foresee? We are aware there will probably be more wear and tear. The tenants will be responsible for utilities. And we do not plan to hire a property manager, as we have prospective tenants, the ability to make or supervise repairs if needed, and a good knowledge of DC landlord-tenant law.[/quote]
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