Looking for a place to live ... NoVA
Joined: Aug 2002
Posts: 53,292
Likes: 789
From: Owings Mills, MD
Originally Posted by MsPerky,Aug 9 2005, 09:48 AM
Not sure where you are looking for those prices, but not close in. One-bedroom condos in my area are selling for around $450K. If you change your mind, let me know. Good luck! Just be sure if you buy something, you hold on to it for 4-5 years to make back your investment.
Edit - I believe the rule of thumb is about $1000 monthly payment for every 100K of amount financed. So that works out to $3000 for a $300K mortgage. Interest rates have been very low, but you are making up for it by the huge increase in prices in the DC area. I might go with Chug on this one and not buy right away. Rent for a year and look around at different areas.
Edit - I believe the rule of thumb is about $1000 monthly payment for every 100K of amount financed. So that works out to $3000 for a $300K mortgage. Interest rates have been very low, but you are making up for it by the huge increase in prices in the DC area. I might go with Chug on this one and not buy right away. Rent for a year and look around at different areas.
I believe they say 7-10 years is the turn around point. At minimum, you must hold it for two years to avoid paying capital gains tax.
Joined: Jul 2005
Posts: 28,456
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I live in Woodbridge and I would not commute to the Pentagon from here. You are looking at about an hour and a half commute time each way. My cousin works there. He is on the road traveling much of the time or he would move in closer to the city.
I'll agree with everyone else too saying to rent in the area a little while before you buy. This will give you some time to really get familiar with the different neighborhoods and take your time deciding where you want to spend the next 10 years or so.
-Aaron
I'll agree with everyone else too saying to rent in the area a little while before you buy. This will give you some time to really get familiar with the different neighborhoods and take your time deciding where you want to spend the next 10 years or so.
-Aaron
Joined: Aug 2002
Posts: 53,292
Likes: 789
From: Owings Mills, MD
an hour and a half to get to the pentagon from woodbridge??? wow. You can live near me and it'll take 45-60 mins. You could live in Frederick, MD or White Marsh, MD area and take the train right in too.
Perky's idea sounds best. Walking distance, albeit pricey.
Perky's idea sounds best. Walking distance, albeit pricey.
Registered User
Joined: May 2002
Posts: 935
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From: Clifton, VA;Arlington, VA
I just checked the agent's listing service and found that in Ballston (22203) rent is between $1500 to $2000. To buy a condo there is minimum $345,000 for a one bedroom with a $200/month condo fee (which is low for that area).
In Crystal City (22202) rent is similar $1500 for a one bedroom. But you are looking at closer to $400,000 to buy a one bedroom condo.
Like others have mentioned I would recommend looking at as many websites as you can find. There is quite a bit of "for sale by owner" properties these days that may yeild better results than the listing service.
In Crystal City (22202) rent is similar $1500 for a one bedroom. But you are looking at closer to $400,000 to buy a one bedroom condo.
Like others have mentioned I would recommend looking at as many websites as you can find. There is quite a bit of "for sale by owner" properties these days that may yeild better results than the listing service.
