Anonymous wrote:OP here: I currently live in a paid off condo that my parents own in Arlington. I pay $1100 condo fee/month. Should I just stay living here? Only issue is the space. It’s 2 bed but I would like a bigger home for the kids so we can all have our own room and a yard to play.

Stay where you are. You probably already know that kids are expensive. You’re going to end up having to pay for after school classes and teams and leagues, plus clothing gets very expensive. Plus, you’ve got to save for college. Plus, you never know what little things might come up. I would spend the money on nice vacations rather than a mortgage. I’m sure there are some local parks. You can go to instead of having to have a yard. Also, you have no idea if your children will need specialized private school or if you’re going to be able to keep them in public. There’s another huge expense if that happens.

I’m all about the what ifs. You need to make sure that you have money set aside for that.
Knowing how expensive this area is, I would not be banking on the possibility of using the rental income for anything other than 100% exclusively l your retirement.

Anonymous wrote:Move. Single mom with 2 kids here. We moved out of our condo and into a SFH with highly rated schools a couple years ago. List was around $900k with 20% down, and I make $25k less than you do. DCUM tends to be conservative. I wish we'd moved years earlier (but the pandemic set that back).

What’s your monthly mortgage payment? What were you pre-approved for?

Anonymous wrote:$1,100 per month condo fee is INSANE. What is that paying for?

She hasn’t had to actually adult and she’s a bit idiotic. Must be nice to live in your parents’ house and blow money on a ridiculous condo fee. Let me guess—your parents also paid for your rental?

Why are you a single mom?

Anonymous wrote:Move. Single mom with 2 kids here. We moved out of our condo and into a SFH with highly rated schools a couple years ago. List was around $900k with 20% down, and I make $25k less than you do. DCUM tends to be conservative. I wish we'd moved years earlier (but the pandemic set that back).

Sorry but putting down $180K vs $500K is very different. I’d never lock up $500K in a house in today’s market w interest rates where they are. $180K is a different story.

If OP puts $500K in an index fund like VOO or another S&P500 aligned fund, that’ll double that every 7 years. Then double again in another 7. And so on. That’s $4M+ liquid when it’s time to retire in 21 years. Then they can buy a house for themselves AND give their kids sizable downpayment help, which they’ll appreciate way more than having a separate bedroom growing up. Delayed gratification builds generational wealth.

Move. Single mom with 2 kids here. We moved out of our condo and into a SFH with highly rated schools a couple years ago. List was around $900k with 20% down, and I make $25k less than you do. DCUM tends to be conservative. I wish we'd moved years earlier (but the pandemic set that back).

Anonymous wrote:OP here: I currently live in a paid off condo that my parents own in Arlington. I pay $1100 condo fee/month. Should I just stay living here? Only issue is the space. It’s 2 bed but I would like a bigger home for the kids so we can all have our own room and a yard to play.

+1. I think your quality of life would improve if you could have a larger place, especially with 3 people in the household.

Another vote for renting, especially at today’s interest rates. Also even if you’re not dating now, if you happen to meet someone in the future it would be easier if you had a rental.

Anonymous wrote:

Anonymous wrote:OP here: I currently live in a paid off condo that my parents own in Arlington. I pay $1100 condo fee/month. Should I just stay living here? Only issue is the space. It’s 2 bed but I would like a bigger home for the kids so we can all have our own room and a yard to play.

Of course you should stay there! If you buy a place, maintenance will be huge.

That’s a huge condo fee. I think OP can do better.

BTDT area single mom here.
Townhouse is your answer.

Anonymous wrote:

Anonymous wrote:You can afford a small SFH in North Arlington that has outdated kitchens and bathrooms like this one selling for $900K.

https://redf.in/4McOxn

this is a great very family orientated neighborhood.

Never mind I know this house. Pretty sure it flooded before.

Anonymous wrote:You can afford a small SFH in North Arlington that has outdated kitchens and bathrooms like this one selling for $900K.

https://redf.in/4McOxn

this is a great very family orientated neighborhood.

You can afford a small SFH in North Arlington that has outdated kitchens and bathrooms like this one selling for $900K.

https://redf.in/4McOxn

Anonymous wrote:OP here: I currently live in a paid off condo that my parents own in Arlington. I pay $1100 condo fee/month. Should I just stay living here? Only issue is the space. It’s 2 bed but I would like a bigger home for the kids so we can all have our own room and a yard to play.

You can't afford a home with a yard to play in that's in Vienna or McLean. I would just stay in Arlington, especially if you already have established kids' schooling/daycares etc. there.

You can rent townhomes in Vienna, McLean and Dunn Loring for $3,000-$4,000 / month. Just do that, save $100,000 to $200,000 for rainy day fund / help you pay for daycare, and invest the rest in an S&P fund.

In 10-20 years you will thank me. Townhomes around here don’t appreciate nearly as much as the S&P. I’ve seen townhomes sell for maybe 20% to 40% more than what they went for in 2005. If you put $300,000 in the S&P 20 years ago you’d have much more than $1.2 million now. Don’t get trapped in the hassle of buying because of social pressures. It’s an albatross around your neck and a dumb financial move.