$450k condo on $110k salary

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rents decreasing in DC it's probably much better financially to rent in a luxury building. Check out the buy vs rent calculator on the NY Times.

+1 rents are going down down down

Is this a joke?
The smallest 2 bedroom in a decent neighborhood is at least $2800 plus utilities

OP is not getting a two-bedroom in PQ for 450k. So comparing apples to apples, OP could rent a one-bedroom in a luxury building in Logan Circle for 1.9k/mo.

Wait, this is a 1 BR condo? OP, do not buy a 1 BR condo.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rents decreasing in DC it's probably much better financially to rent in a luxury building. Check out the buy vs rent calculator on the NY Times.

+1 rents are going down down down

Is this a joke?
The smallest 2 bedroom in a decent neighborhood is at least $2800 plus utilities

OP is not getting a two-bedroom in PQ for 450k. So comparing apples to apples, OP could rent a one-bedroom in a luxury building in Logan Circle for 1.9k/mo.

Wait, this is a 1 BR condo? OP, do not buy a 1 BR condo.

As if a two-bedroom condo is easier to rent. Right now, mortgage payments (for the most part, in DC proper and in desirable neighborhoods) are exceeding the cost of rents. Not a good sign for housing, generally.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rents decreasing in DC it's probably much better financially to rent in a luxury building. Check out the buy vs rent calculator on the NY Times.

+1 rents are going down down down

Is this a joke?
The smallest 2 bedroom in a decent neighborhood is at least $2800 plus utilities

OP is not getting a two-bedroom in PQ for 450k. So comparing apples to apples, OP could rent a one-bedroom in a luxury building in Logan Circle for 1.9k/mo.

Wait, this is a 1 BR condo? OP, do not buy a 1 BR condo.

As if a two-bedroom condo is easier to rent. Right now, mortgage payments (for the most part, in DC proper and in desirable neighborhoods) are exceeding the cost of rents. Not a good sign for housing, generally.

Source? I'm a landlord and this is not my experience at all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rents decreasing in DC it's probably much better financially to rent in a luxury building. Check out the buy vs rent calculator on the NY Times.

+1 rents are going down down down

Is this a joke?
The smallest 2 bedroom in a decent neighborhood is at least $2800 plus utilities

OP is not getting a two-bedroom in PQ for 450k. So comparing apples to apples, OP could rent a one-bedroom in a luxury building in Logan Circle for 1.9k/mo.

Wait, this is a 1 BR condo? OP, do not buy a 1 BR condo.

As if a two-bedroom condo is easier to rent. Right now, mortgage payments (for the most part, in DC proper and in desirable neighborhoods) are exceeding the cost of rents. Not a good sign for housing, generally.

Source? I'm a landlord and this is not my experience at all.

I'm not the source but when my lease came up for renewal last month I negotiated a $75 decrease. There are so many gorgeous new luxury buildings going up that are offering move in deals- I just spent a day shopping and presented the deals to my landlord. Why should I pay more to live in the older building next door?

[Anonymous]

Anonymous wrote:Op, you better off buying a small home in a nice area or townhouse.
Condo at that price is a lot, unless you are in NYC!

This. That is too much for condo fee and they will continue to go up.

Maybe rent and invest your money elsewhere?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rents decreasing in DC it's probably much better financially to rent in a luxury building. Check out the buy vs rent calculator on the NY Times.

+1 rents are going down down down

Is this a joke?
The smallest 2 bedroom in a decent neighborhood is at least $2800 plus utilities

OP is not getting a two-bedroom in PQ for 450k. So comparing apples to apples, OP could rent a one-bedroom in a luxury building in Logan Circle for 1.9k/mo.

Wait, this is a 1 BR condo? OP, do not buy a 1 BR condo.

As if a two-bedroom condo is easier to rent. Right now, mortgage payments (for the most part, in DC proper and in desirable neighborhoods) are exceeding the cost of rents. Not a good sign for housing, generally.

Source? I'm a landlord and this is not my experience at all.

DP here - give it time.

There is SO much new construction going on. Especially in DC and close in MoCo. Huge oversupply of apartments on the horizon.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Please.tell me the field you are.in to make 6 figures in your 20s so I can encourage same education for daughter

+1

You beat me to it. I don't know any 25 year-olds that make 110k. Maybe there are a handful of BigLaw associates that fit the bill, but no way any of them have saved 100k through their own toil.

I would encourage OP to look at the condominium's financials. If there isn't a sufficient reserve fund, expensive repairs will have to be funded through special assessments against unit owners and they can be big - five figures.

I went to a state school in northern VA, lived at home, and worked a full-time IT job as well as coursework my junior and senior years. I've job-hopped a few times but currently work for a tech company that specializes in cloud computing platforms like Office 365 and Azure. The company is pretty young but I would say I'm the youngest person on my team by ~5-7 years.

Thanks- are the condo's financials readily-available, or would they only provide them to a realtor? I would prefer to do as much of the research myself as possible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rents decreasing in DC it's probably much better financially to rent in a luxury building. Check out the buy vs rent calculator on the NY Times.

+1 rents are going down down down

Is this a joke?
The smallest 2 bedroom in a decent neighborhood is at least $2800 plus utilities

OP is not getting a two-bedroom in PQ for 450k. So comparing apples to apples, OP could rent a one-bedroom in a luxury building in Logan Circle for 1.9k/mo.

Wait, this is a 1 BR condo? OP, do not buy a 1 BR condo.

It's a 1BR. Why do you say not to buy a 1BR?

[Anonymous]

Anonymous wrote:What's your mid-range plan? Marriage? Kids? Sticking with DC? I would not buy any property unless I planned to live in it for a good 5 years just because of the transaction costs (closing fees, realtor fees when selling, etc.)

My family is in the area and I plan on staying here as long as the job market for tech is strong.

From my anecdotal experience dating in the area, very few girls in my age range (22-27) are looking to settle down. I would eventually like to get married + kids, but that's probably 5-10 years down the road.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rents decreasing in DC it's probably much better financially to rent in a luxury building. Check out the buy vs rent calculator on the NY Times.

+1 rents are going down down down

Is this a joke?
The smallest 2 bedroom in a decent neighborhood is at least $2800 plus utilities

OP is not getting a two-bedroom in PQ for 450k. So comparing apples to apples, OP could rent a one-bedroom in a luxury building in Logan Circle for 1.9k/mo.

Wait, this is a 1 BR condo? OP, do not buy a 1 BR condo.

It's a 1BR. Why do you say not to buy a 1BR?

You have limited flexibility for the future: if you have a kid or two, if you need (or want) to take a roommate, etc.

They are also the hardest for resale and rental.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes, condo fees are the real issue. Def look at the financials for the condo association first. But your numbers sound good.

and condo fees can increase a lot unexpectedly

Or an assessment like i did for a staggering 5k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's your mid-range plan? Marriage? Kids? Sticking with DC? I would not buy any property unless I planned to live in it for a good 5 years just because of the transaction costs (closing fees, realtor fees when selling, etc.)

My family is in the area and I plan on staying here as long as the job market for tech is strong.

From my anecdotal experience dating in the area, very few girls in my age range (22-27) are looking to settle down. I would eventually like to get married + kids, but that's probably 5-10 years down the road.

Women. If they're above 18, they're women. Not girls.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What's your mid-range plan? Marriage? Kids? Sticking with DC? I would not buy any property unless I planned to live in it for a good 5 years just because of the transaction costs (closing fees, realtor fees when selling, etc.)

My family is in the area and I plan on staying here as long as the job market for tech is strong.

From my anecdotal experience dating in the area, very few girls in my age range (22-27) are looking to settle down. I would eventually like to get married + kids, but that's probably 5-10 years down the road.

Women. If they're above 18, they're women. Not girls.

Np: oh, please - stop nitpicking. I'm a 45 yo woman and still say "girls" - you knew what he meant.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What's your mid-range plan? Marriage? Kids? Sticking with DC? I would not buy any property unless I planned to live in it for a good 5 years just because of the transaction costs (closing fees, realtor fees when selling, etc.)

My family is in the area and I plan on staying here as long as the job market for tech is strong.

From my anecdotal experience dating in the area, very few girls in my age range (22-27) are looking to settle down. I would eventually like to get married + kids, but that's probably 5-10 years down the road.

Women. If they're above 18, they're women. Not girls.

Some of you are just insufferable...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What's your mid-range plan? Marriage? Kids? Sticking with DC? I would not buy any property unless I planned to live in it for a good 5 years just because of the transaction costs (closing fees, realtor fees when selling, etc.)

My family is in the area and I plan on staying here as long as the job market for tech is strong.

From my anecdotal experience dating in the area, very few girls in my age range (22-27) are looking to settle down. I would eventually like to get married + kids, but that's probably 5-10 years down the road.

Women. If they're above 18, they're women. Not girls.

Np: oh, please - stop nitpicking. I'm a 45 yo woman and still say "girls" - you knew what he meant.

NP: you are 45 and still calling yourself a girl? I think that's sad.