Reply to WWYD: 1 BR APT + Preschool Tuition in NW or 2BR APT or house + Charter School in NE

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Reply to "WWYD: 1 BR APT + Preschool Tuition in NW or 2BR APT or house + Charter School in NE"

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[quote=Anonymous]"To the person who says not to buy in DC because of schools - we've owned three times in DC and made a nice return on each investment. Why NOT invest if you can? Also renting a house in DC is not that hard, unlike in markets like, say, Phoenix or Atlanta. I don't see it as sound financial advice to recommend families RENT indefinitely."

PP you're replying to here--if the OP is ok with renting out a house if they buy and don't like the school situation once their kid(s) are older, that could make sense.  It might be hard to cover the mortgage and expenses with rental income unless they had a decent downpayment and/or time for rents to increase.  If they don't like the schools in DC in a couple years, it will be easier for them to buy elsewhere if they save instead of sinking money into a house in DC now.  We bought in DC ETOP a while ago when we weren't sure if we were going to have kids, and wouldn't be able to sell it for enough to cover closing costs and a downpayment on a new place.  And it seems like it would be harder to qualify for a new mortgage on a new house while maintaining our current house as a rental property.

That said, if a family gets into a school that they love and will be happy with through the end of elementary, it would probably make sense to buy in DC.     
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