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Moving to Northern Virginia- Should I rent or buy?

Moving to Northern Virginia – Should I rent or buy?

It’s not uncommon for buyers to wonder if renting or buying makes more sense when moving to a new area. Being in an unfamiliar town, and unfamiliar with the state of that real estate market can certainly make anyone question such an important decision. Most have heard all the negative news about the national housing market. There are concerns about the economy, and many know of friends or family who are currently underwater on their mortgages. With all that bad press, I would probably consider renting too.

I will tell you first that you should only consider buying a home if it makes sense for your situation. Can you get financing? Are you planning to live in the area for a while? If it’s possible that you may move in less than 2 years, buying might not be the best choice.

However if you are struggling with whether to rent or buy, I can tell you from personal experience with my recent clients, that 9 times out of 10 buying has made more sense than renting. I have had several clients move to Northern Virginia with the intention of renting, only to find out that our rental inventory is extremely low. The available rentals are not necessarily desirable. Not to mention that Landlords have figured this out and have been steadily increasing rent prices.

Case in point- I had a nice young couple move to the area because of a military relocation. They had a monthly housing allowance of about $2300/month. With both of them expecting to work in Washington, DC, they had a preference for living as close to the city as possible – or at least close to public transportation. They had no children, but had two dogs, and two cats. (Unfortunately, the pet situation was already a strike against them. This limited the possible rentals for them by about a third.)

With a monthly budget of $2300, our rental choices were confined to 2-3 bedroom townhomes, or very outdated older homes. We were looking in mostly the Alexandria area south of the beltway as that location fit their commuting preference. We visited rental after rental only to be disappointed with the location, the condition of the property, the lack of yard for their two dogs, etc. Let’s just say that they were getting extremely frustrated and worried that they were not going to have a decent place to live the next 4 years. At my suggestion, they spoke with a lender about what they could afford if they chose to purchase. They were pleasantly surprised at the amount they qualified for in a mortgage.

To make a long story short – This young couple ended up buying an older single family home with 4 bedrooms, 2 car garage, and a nice size wooded yard for $400,000. The property is located in Springfield. (Just one town over from their original location in Alexandria, but they still have access to the Metro and VRE.)

The beauty of the situation is that their monthly mortgage payment was only $2100. By buying instead of renting, they managed to save $200 monthly and live in a home that made them happy.

The Moral of the story– It pays to consider all your options when moving to Northern Virginia. Renting might seem like the easiest option, but buying may save you money in the long run. It’s also important to consider different locations. Affordability goes up every mile you’re willing to travel outside of the DC Metro Area. Plus, it pays to use a professional to help you navigate all your options. Call the Girls!

Rent a Townhouse or Buy a house…Good Question!

 

Posted in: General Real Estate Tagged: buy, Northern Virginia, relocation, rent, The Girls of Real Estate

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Testimonials

Candace was great to work with during the sale of our condo. She always kept us informed and was very pleasant to work with. Candace and her team have innovative ideas and are hard workers. We would feel comfortable using their services again.
Stu & Jane Y.
It was a very good experience working with her (Chelle). She is a fantastic dealer and now because of her good dealing, She is our family friend. She was very proper in negotiations and all the paper work was done properly and on time.
S. Ali
We have used Candace and her team for the purchase of a townhouse, the sale of the same townhouse a few years later, and the purchase of a single family home. Each time, she was professional, courteous and she gave us excellent service. She knows the local area well as well as the market. I would highly recommend using her.
Sarika & Vince V.
Chelle was a true professional. We were only here for a few days and we looked at 40-50 houses in four days! When we did finally put in an offer, we had a problem with the seller not liking the fact that we were using a VA loan. She provided him with all the data and statistics that he needed to become comfortable with the loan. Also, her local knowledge can’t be beat. She grew up in the area, so she knows the area. I would recommend her to anyone.
Nel L.
Since we were moving from a different state, Chelle showed us about 20 homes in one weekend and found us exactly what we were looking for. We were out of town for the home inspection and she FaceTimed us with the inspector so we could be part of it. She was incredibly friendly, professional, and helpful throughout the whole process, and we definitely recommend her to anyone looking to buy or sell! ~ 2/17/2018 (see it on Zillow.com)
Condo BuyerDouglas Park, Arlington, VA
I have known Candace since 2010 when I placed my home in Haymarket Virginia on the market. She has remained in touch since that time. She has always been very efficient and effective. I contacted her again recently when I needed her help in re-leasing the home in Haymarket.
Bob F.
Chelle helped my husband and I find a rental property when we were first transferred to DC…we liked her so much, we reached out to her 2 years later to help us find a home in the area to purchase. Chelle is knowledgable about the area, professional, 100% responsive, and absolutely reliable. Not only did she help us view homes in the area, she was there for us through every step of the way through the offer, contract, closing – and we still keep in touch through our renovation process! I would hi… Read more
Stacy T.
After purchasing a couple homes over the last few years I have not experienced better service in a realtor than Chelle! She goes above and beyond to ensure you get the exact house you really want and is there providing her expertise throughout all parts of the process. She takes extreme pride in doing so and you will not find a more sincere and genuine realtor or person in the DC area!
Cal R.
I have worked with Chelle on numerous occasions, once personally for my own home, followed by helping my Company acquire another property for our Elite Executives. She gave me complete confidence in the whole process, and helped guide me through my biggest investment. I love my home and look forward to working with her in the future.
Becky M.
Chelle was an invaluable asset to me. We were relocating without being able to physically see a property. Her knowledge of the area and expertise were what I needed to point me towards the right home for us. I highly recommend her! Thanks Chelle for your care and attention! ~ 3/31/2015 (See review on Zillow)
Home RenterWashington, DC area

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Candace: (540) 270-0274
Chelle: (571) 330-6164
Office: (703) 390-9460
info@thegirlsofrealestate.com

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