Recommend a neighborhood for first-time home buyers? Late 20s, no kids, $425k-ish budget

[Anonymous]

DH and I are dipping our toes into the real estate pool.

We are late 20s, married a year, no kids (yet). We decided that $425k was a good starting point for our budget, based on our circumstances. There is some wiggle room, and we might put it off a bit and save some more if we can't find anything we like in our price range.

Currently, one of us works in central MoCo, one in NW DC. There is a possibility of MoCo eventually becoming NoVA.

We're open to lots of different types of homes -- SFHs, townhouses, condos, etc.

Our preferences:

1) At least 2 BRs (we plan on TTC before looking for another place).

2) Not too far away from the city -- we'd like to be able to go in without too much hassle on weekends if we're not living in DC itself. Plus we're probably going to have to sell and move at some point down the road.

3) Zoned for a decent elementary school. Doesn't have to be the best, but we would like a school that's liked by both parents and students. We're assuming that we will live in our first place long enough for this to matter.

Any suggestions for neighborhoods or ZIP codes to eye up would be much appreciated. Thank you!

[Anonymous]

The MoCo becoming NOVA is the big issue that should determine where you look. Where in NOVA might that job move?

[Anonymous]

You'll look at townhomes.

[Anonymous]

Anonymous wrote:The MoCo becoming NOVA is the big issue that should determine where you look. Where in NOVA might that job move?

Alexandria (King Street Metro). The Metro accessibility makes it a bit less daunting -- the commute used to be to Bowie!

[Anonymous]

I think you should think about trying to buy a place where you would be able to live once you have kids--enough space and good schools. Otherwise, you will have to sell your starter home and buy again. You may have to rent longer and save more. This would also let you see if changes in job locations affect where you want to live. I know that renting feels like throwing away money, but you lose an awful lot in the transaction costs of selling and buying again (closing costs and 6% total realator fees). Property taxes, homeowners insurance, home repairs, likely higher utility bills (for SFH and townhomes compared to condos/apartments), and possibly condo fees or homeowners' association fees are additional costs that some people overlook. Home prices may or may not go up in the future, but I would be really surprised if the next few years have dramatic price increases. I know interest rates are good, but really do the math and don't rush into a decision to buy now.

[Anonymous]

Can't speak to MontCo, but we bought our first home (a townhouse style condo) in the Shirlington/Fairlington area of South Arlington, and loved it. We lived there for over 5 years, and just moved away to a single family house. We were sad to go -- it's a fantastic neighborhood for young couples. Would also recommend Parkfairfax, which is just across 395 from Shirlington in Alexandria, as well as the Del Ray neighborhood of Alexandria (although Del Ray is a bit pricier than Shirlington). There are lots of townhouses/condos in Shirlington, Fairlington, and Parkfairfax.

[Anonymous]

I'd start saving one of your salaries--or at least an estimate of daycare/nanny costs--so you have a sense of what your likely cash flow will be like with a child, and also so you have as much money as possible for a downpayment.

Remember, too, that the housing situation that seems appealing for a couple with no kids is going to be different for a couple with a toddler. And while you say you want a "decent" elementary school, your opinion about schools may change once you have an actual child who would be attending.

[Anonymous]

Anonymous wrote:I'd start saving one of your salaries--or at least an estimate of daycare/nanny costs--so you have a sense of what your likely cash flow will be like with a child, and also so you have as much money as possible for a downpayment.

Remember, too, that the housing situation that seems appealing for a couple with no kids is going to be different for a couple with a toddler. And while you say you want a "decent" elementary school, your opinion about schools may change once you have an actual child who would be attending.

I echo this. We had "decent school" as something we cared about, but wasn't a high priority. We got pregnant a few weeks after we moved into our new house to discover that we actually had much stronger feelings about our school and had we lived one block over we'd be going to the best school in the city.

[Anonymous]

Takoma Park?

[Anonymous]

Anonymous wrote:I'd start saving one of your salaries--or at least an estimate of daycare/nanny costs--so you have a sense of what your likely cash flow will be like with a child, and also so you have as much money as possible for a downpayment.

Remember, too, that the housing situation that seems appealing for a couple with no kids is going to be different for a couple with a toddler. And while you say you want a "decent" elementary school, your opinion about schools may change once you have an actual child who would be attending.

Agree. Also figure out the difference between all estimated housing-related expenses (including utilities, home repairs, insurance, etc.) for home ownership and what you are paying now as renters. Try to save that amount plus your estimated monthly daycare expenses now.

[Anonymous]

There are a lot of young couples, some with their first child, others with no children in Woodside in Silver Spring. Walking distance to metro and dining/shopping in downtown Silver Spring, plus close to NW.

[Anonymous]

Honestly at that price range you're going to have a really hard time finding something close-in, with good schools and Metro accessible unless you're looking condo. Maybe townhouse if you're willing to go less updated. especially since you don't know whether you'll be working in MOCO or NoVa, it makes it difficult to buy a house that you will be in long-term. Although right now I'm commuting from Silver Sprig to Rosslyn and it's actually a really fast easy commute on the Metro. So it might not matter too much as long as you are by the Metro.

We were happy with what we did, so just as a point of reference. When we got married, We bought a condo that we knew would be a good rental property (2 bedroom a block from the Metro). We had the first kid a year later and stayed in the condo. It was tight, but actully really easy (easy to clean and childproof, lots of friends in the building, etc). We had our second two years after that. When he was a year old (so we were in the condo 4 years), we bought a house. While we lived in the condo, we saved like crazy and had a big downpayment (plus higher salaries than we were first looking) so we were actually able to afford a SFH in a good school district right by the Metro, which we never could have afforded when we were first looking. We kept the condo and rent it out at a profit.

Worked really well for us. So don't think you have to buy exactly what you think you'll want when and if you have kids. Especially with a (for the DC area) low budget, I doubt you'll find all those things and be happy.

Best of luck!

[Anonymous]

If you're thinking about buying now and renting out your starter home when you move on, look at what similar units rent for and compare that to the cost of ownership. We have friends who assumed that would be their safety net, had to move for a job, and are now losing a substantial amount per month and are probably going to let it go into forclosure if they can't get a short-sale.

[Anonymous]

Fairlington

[Anonymous]

I can't really speak to your commute but we live in Fairlington and I think that would be a great spot for you, and where you are life-wise. Its a young area, lots of professionals with kids and dogs and everyone says hi to one another. You can get a 2 bed, 2 bath townhouse with finished basement for the low to mid 400's and the market in Fairlington is always, always hot. If you bought and lived in the townhouse for a few years and then decided to move when you were thinking about another child, you'd have no issues selling.

No metro access but lots of metro and ART buses. My DH takes the bus to Pentagon and into Foggy Bottom and he is there in about 45 minutes.

I'd say go with a townhouse that you can live in for 5 years. That will get you in the market and then you can try to move up to something bigger if you want. Lots of people live in Fairlington with 2 kids with no issues.