Reply to Around 400k budget. Commute to Foggy Bottom and Gaithersburg. 1 child on the way. Where?

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Reply to "Around 400k budget. Commute to Foggy Bottom and Gaithersburg. 1 child on the way. Where?"

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[quote=Anonymous]Do you have 20% down? If not, its still possible, but you will have to pay more per month due to a PMI (insurance). I think you should start by securing pre-approval for a mortgage loan - that way you know your actual budget.

Less than 15 years or renovated? Unfortunately you probably couldn't get that even adding $200,000 to your bottom line. There is just no new inventory in that price range with respect to homes or townhomes and ones that are renovated also cost significantly more. Getting real estate agent and seeing some houses will definitely make the reality hit. You could find new condos at that price point.

I would say once you have 1) looked at your mortgage budget and 2) see some houses you may want to consider renting. For less than $2400 per month we rent in a neighborhood with $600,000 homes. We don't pay any costs associated with roof/electrical/appliance repairs. Should something happen to our jobs or we want to move, its no problem. If we want to stay its also no problem.

Areas to consider:
Renting: Tysons, Rockville (not a great commute), Silver Spring / Kensington (your commute would be bad on the beltway, but you could take 16th or the metro)
Buying: Silver Spring (metro), Rickville (not a great commute) Gaithersburg (bad commute for you unless you can take the metro which is $$$)

If you are open to buying condos in Tysons there is "Gates of McLean." They are 3 bedroom / 2 bath new and nicely finished and within your budget.
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