Reply to WWYD: keep DC rowhouse in Shaw as investment?

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Reply to "WWYD: keep DC rowhouse in Shaw as investment?"

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[quote=Anonymous][quote=Anonymous]Throwing this out there. If you are currently in a rowhouse in Shaw you're probably looking to stay pretty close in. Your new house will be at least 1M - so you're looking at a bare minimum 200K down payment - that's another almost 3 years of saving before you are ready to move given your current rate of saving.  As someone else noted, you'll need to qualify for debt/income ratio and your current mortgage will be considered a debt (at least at first) which will be problematic for getting a mortgage unless your income is extremely high.

Not to mention that you'll have to be a landlord in DC. It's fine until it isn't and all you need is one bad tenant to end up with a ton of legal fees and an enormous hassle.  I'd take the equity and buy your dream home and never look back.  Not everything in life is about maximizing every single asset.[/quote]

Thanks for this. Our income is high but probably not “extremely high” by standards of this board. 2018 combined salary for DH and I is $445k.[/quote]

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