Condo, move really far out, or keep saving?

[Anonymous]

HHI is $125k and we have no debt other than our one car which is almost paid off. We have two children, a girl (7) and a boy (1). #2 was a shock because the fertility doctor said we had no chance at conceiving again without IVF. So we will need 3 bedrooms at some point soon. We haven't been able to save up a down payment yet because rent for our 2br is $2k+ and we keep having unexpected medical crises. We are eligible for a VA home loan, though. In this situation would you buy a 3br condo, move out to Manassas or Woodbridge to try to afford something that's not a condo, or just stick it out in the apartment? We've been trying to move out of the DC area to somewhere cheaper for years but it just isn't happening.

[Anonymous]

Where’s your jobs, what’s your commute?
I’d move to Howard Co, MD before moving to Manassas or Woodbridge

[Anonymous]

Is that location close to the medical care you need?

[Anonymous]

I say buy as soon as you can afford to do so, whether it's a condo, TH or SFH. Don't keep throwing away money by renting. The sooner you enter the real estate game the sooner you can start building equity. It's that equity increase later on down the road, and your income increases over time that will enable you to move up with your housing, whether that's eventually being able to afford moving closer in or being able to afford a SFH further out. If you keep waiting until you have enough saved up to buy a SFH you'll likely never get there, not at the pace that real estate prices in the area continues to increase.

Also have you looked at townhomes?

[Anonymous]

Anonymous wrote:Where’s your jobs, what’s your commute?
I’d move to Howard Co, MD before moving to Manassas or Woodbridge

DH just started a new job and will be working either in Crystal City. I work (part time) from home. We're very involved in our place of worship in Falls Church so that's why we'd prefer to stay in Virginia if possible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Where’s your jobs, what’s your commute?
I’d move to Howard Co, MD before moving to Manassas or Woodbridge

DH just started a new job and will be working either in Crystal City. I work (part time) from home. We're very involved in our place of worship in Falls Church so that's why we'd prefer to stay in Virginia if possible.

*Either in Crystal City or Tysons Corner.

[Anonymous]

I grew up in Woodbridge and attended Woodbridge High. I know several people who still live there. The area gets dismissed on here a lot but there are perfectly nice parts of Lake Ridge, and I agree it could be a good fit for you. That said only you can know whether you’d prefer being in a condo closer in or a larger place further out.

[Anonymous]

I'd look for older townhomes and consider something along a Metro line for your husband's commute.

I'm not necessarily recommending this particular one, but you can find older townhomes like this for under $600k:

https://www.zillow.com/homedetails/2821-Knollside-Ln-Vienna-VA-22180/51808733_zpid/

[Anonymous]

Manassas and Woodbridge are not inexpensive like they used to be. If you have a very minimal down-payment (like 20k) or under and have a HHI of 125 you will not find anything in these areas, not even condos.

[Anonymous]

Anonymous wrote:Manassas and Woodbridge are not inexpensive like they used to be. If you have a very minimal down-payment (like 20k) or under and have a HHI of 125 you will not find anything in these areas, not even condos.

Not true, don't be so discouraging while disguising it as being helpful. With an HHI of $125K, and minimal down payment, they can probably afford something in the $350K range. Best to stick with townhomes as they usually come with lower HOA dues.

https://www.redfin.com/VA/Manassas/11233-Wortham-Crest-Cir-20109/home/21496895

[Anonymous]

Anonymous wrote:

Anonymous wrote:Manassas and Woodbridge are not inexpensive like they used to be. If you have a very minimal down-payment (like 20k) or under and have a HHI of 125 you will not find anything in these areas, not even condos.

Not true, don't be so discouraging while disguising it as being helpful. With an HHI of $125K, and minimal down payment, they can probably afford something in the $350K range. Best to stick with townhomes as they usually come with lower HOA dues.

https://www.redfin.com/VA/Manassas/11233-Wortham-Crest-Cir-20109/home/21496895

This house is deep in Manassas, near old Town and the mall, very far from Falls Church. With the HOA fees and a low down payment the payments will be close to or over 3k. And in any event, the owners may not see a VA loan as competitive.

[Anonymous]

VA loan requires no downpayment and no PMI. You just need 1-2% to pay as a fee.

Great product for OP

[Anonymous]

Keep saving. $2k+ rent is not too bad in this area. Owning property means build equity but also paying tax, insurance, hoa/ maintenance and mortgage interest. In your situation (similar to mine) I would keep rent because of the flexibility to move, other than work place, you also have school age kids and this should be important to consider where you should buy.

[Anonymous]

Anonymous wrote:Keep saving. $2k+ rent is not too bad in this area. Owning property means build equity but also paying tax, insurance, hoa/ maintenance and mortgage interest. In your situation (similar to mine) I would keep rent because of the flexibility to move, other than work place, you also have school age kids and this should be important to consider where you should buy.

+1

It’s concerning that you haven’t been able to save while renting, and even a condo would have a payment of more than what you’re paying now. As soon as you move you could have an emergency of needing a new HVAC system and needing to pay as much as $10,000. Maybe something else will break too, or your basement will flood.

I would save more as PP suggested and have a healthy cushion going in. Also budget 1% of the value of the property annually for maintenance going forward.

[Anonymous]

Rent a townhouse further out and keep saving.