The seven paths to DC-area home ownership

[Anonymous]

Deciding you want a 15 yr mortgage for your first home is certainly your prerogative, but it might be contributing to the fact that you are renting while making a good salary.

[Anonymous]

Not PP. I too hate every house in this area. They're old (50s-70s) and not nice. I just want a normal 3 bedroom house with an open floor plan that isn't dated looking. We have 700k to spend and it's just all bad. Depressing that all we can afford is Pimmit Hills.

[Anonymous]

Anonymous wrote:Not PP. I too hate every house in this area. They're old (50s-70s) and not nice. I just want a normal 3 bedroom house with an open floor plan that isn't dated looking. We have 700k to spend and it's just all bad. Depressing that all we can afford is Pimmit Hills.

Your manor awaits
http://www.redfin.com/VA/Falls-Church/7422-Howard-Ct-22043/home/9471953

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not PP. I too hate every house in this area. They're old (50s-70s) and not nice. I just want a normal 3 bedroom house with an open floor plan that isn't dated looking. We have 700k to spend and it's just all bad. Depressing that all we can afford is Pimmit Hills.

Your manor awaits
http://www.redfin.com/VA/Falls-Church/7422-Howard-Ct-22043/home/9471953

That is a cute manor!

[Anonymous]

Anonymous wrote:Not PP. I too hate every house in this area. They're old (50s-70s) and not nice. I just want a normal 3 bedroom house with an open floor plan that isn't dated looking. We have 700k to spend and it's just all bad. Depressing that all we can afford is Pimmit Hills.

I can live with my older house because, despite the recession and all, after eight years I have $300K in equity (combination of modest price appreciation--we're close in--and mortgage paydown, which is helped by super low interest rates). A couple of years ago we had enough equity to refinance into a 15-year mortgage. Buying an affordable (read: older/smaller) house in a desirable area may turn out to be the best financial decision we ever made.

[Anonymous]

Anonymous wrote:Not PP. I too hate every house in this area. They're old (50s-70s) and not nice. I just want a normal 3 bedroom house with an open floor plan that isn't dated looking. We have 700k to spend and it's just all bad. Depressing that all we can afford is Pimmit Hills.

Do you have to stay in VA for commuting purposes? You will fare better in MD and parts of DC on your budget or a bit above:

http://www.redfin.com/DC/Washington/1120-Geranium-St-NW-20012/home/10036916

http://www.redfin.com/MD/Silver-Spring/125-Geneva-Ave-20910/home/50665130

http://www.redfin.com/MD/Silver-Spring/412-Silver-Spring-Ave-20910/home/11210577

http://www.redfin.com/DC/Washington/6525-Piney-Branch-Rd-NW-20012/home/10038263

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not PP. I too hate every house in this area. They're old (50s-70s) and not nice. I just want a normal 3 bedroom house with an open floor plan that isn't dated looking. We have 700k to spend and it's just all bad. Depressing that all we can afford is Pimmit Hills.

Your manor awaits
http://www.redfin.com/VA/Falls-Church/7422-Howard-Ct-22043/home/9471953

You mean McManor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not PP. I too hate every house in this area. They're old (50s-70s) and not nice. I just want a normal 3 bedroom house with an open floor plan that isn't dated looking. We have 700k to spend and it's just all bad. Depressing that all we can afford is Pimmit Hills.

Your manor awaits
http://www.redfin.com/VA/Falls-Church/7422-Howard-Ct-22043/home/9471953

That is a cute manor!

I agree

[Anonymous]

Yes, we have to stay in VA. We both work here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not PP. I too hate every house in this area. They're old (50s-70s) and not nice. I just want a normal 3 bedroom house with an open floor plan that isn't dated looking. We have 700k to spend and it's just all bad. Depressing that all we can afford is Pimmit Hills.

Your manor awaits
http://www.redfin.com/VA/Falls-Church/7422-Howard-Ct-22043/home/9471953

You mean McManor.

For 700K and good schools/decent commute, that's a great house.

[Anonymous]

Also my in laws, uncles and aunts are always asking us when we're going to buy a bigger place, better job or if we're doing okay financially. Needless to say, they don't realize that our 1200sq ft condo costs 3x what their houses cost and that we make nearly 200k. That's when you really feel like the poor relations.

[Anonymous]

My in-laws have a cute open floor plan house. It cost less than $250. But I would have to live in upstate NY and that would kill me.

I love living in DC and willing to pay a huge premium to live here.

[Anonymous]

Sort of #2, except we work out here too. Love it!

[Anonymous]

Anonymous wrote:No house is worth having if you have to be house poor. It only causes fights.

+1 million.

[Anonymous]

OP, of course you know your monthly expenses and what you have saved, but I am also surprised that you figure $375k on your salary. We bought for $580k on a salary of about $145k and I feel like we're living quite comfortably.

We did have 20% to put down, and this was almost entirely money from inheritance, with some savings.