To Buy or To Rent in NoVa (apartment, mortgages) - City-Data Forum

texcantaylors · 03-03-2011, 06:02 PM

Just asking if anyone has adivce on buying or renting. We plan to move to nova this summer and will stay for 2-3 years max. Family of 4, spouse will be working in downtown DC, doesn't mind the commute. Should we rent or buy? any thoughts??

MishaMacDowell · 03-03-2011, 06:07 PM

The market SEEMS to have bottomed, but I wouldn't expect amazing return on investment over the next few years. Would you sell if you left or become a landlord? Google buy vs. rent and see what the gurus are saying. They have me considering renting in retirement.

scottfs · 03-03-2011, 06:32 PM

Just 2-3 years max? Why would you put yourself through the whole buying and selling process plus tie up a huge amount of cash if you were going to move on so soon? I'd definitely rent considering how uncertain the economy is right now.

twinmma · 03-03-2011, 07:31 PM

I would say rent. If you know you are not staying put for at least 5 years, then I would rent. UNLESS, you could afford to hold onto your home when you leave and rent it out. (And with that you need to take into consideration all that goes into being a landlord) Just my opinion.

twinmma · 03-03-2011, 07:33 PM

I should add though...that there are advantages to buying as well such as tax write off and you can really live in the home the way you would like to with painting and such. We have always bought our homes even though we have only been in one place for 3 years, BUT we know with that we are taking a risk financially and we have lost money on our last two transactions. But, for us, it was worth it since we like to do as we please with our home.

tsuric · 03-03-2011, 07:52 PM

Quote:

Originally Posted by texcantaylors

Just asking if anyone has adivce on buying or renting. We plan to move to nova this summer and will stay for 2-3 years max. Family of 4, spouse will be working in downtown DC, doesn't mind the commute. Should we rent or buy? any thoughts??

Definately rent. 2-3 years max? Doesn't matter where you go, staying 2-3 years means rent no questions asked.

Closing costs and whatever else is involved and all the effort really does not make it worth it. Personally I'd rather lose money instead because the small chance of benefit from buying is seriously not worth the effort. In my view I'd rather buy if I know I'm going to stay in an area for more than ten years.

ajzjmsmom · 03-04-2011, 05:41 AM

I agree that for such a short time renting is probably better. Unless the housing market was to experience and sudden turn around or you wanted to potentially be a LL. I struggle with renting and "throwing money away" especially in an area where rent is so expensive. I would never want to be a LL or have to carry 2 mortgages. I guess it just depends on what you are comfortable with, I really miss being able to do what I want to the house and my kids really miss having pets, both of which we could do if we owned a house.

tsuric · 03-04-2011, 08:03 AM

One thing to keep in mind is with renting you have fewer responsibilities. Toilet explodes, apartment staff fix it. Not you. Pipes burst and creates a hole in the ceiling, that's on the apartment. Water heater doesn't work, apartment takes care of that too.

All of these things would cost money if you owned the place so not ALL of the money is going to waste with renting.

Additionally, let's say plans change and you gotta move out suddenly after 1 year instead of 2-3. It's far easier to move out of an apartment compared to moving out of your home (unless you are a multi-millionaire, then you can keep several homes).

ajzjmsmom · 03-04-2011, 08:53 AM

Quote:

Originally Posted by tsuric

One thing to keep in mind is with renting you have fewer responsibilities. Toilet explodes, apartment staff fix it. Not you. Pipes burst and creates a hole in the ceiling, that's on the apartment. Water heater doesn't work, apartment takes care of that too.

All of these things would cost money if you owned the place so not ALL of the money is going to waste with renting.

Additionally, let's say plans change and you gotta move out suddenly after 1 year instead of 2-3. It's far easier to move out of an apartment compared to moving out of your home (unless you are a multi-millionaire, then you can keep several homes).

These are all very good points, I was most relieved last summer when the dishwasher and a/c stopped working that I wasn't paying for the replacements and repairs.

Landlord2B · 03-24-2011, 08:44 PM

Greetings and welcome to the area.
Having grown up in the NOVA area and moved away 2 times...only to return to my roots.....I suggest renting. If your long term plans are to leave after 2-3 years, I doubt the housing market will rebound enough for you to recoup your down payment. IF you plan on living here 3 + years, than I would contemplate buying....traffic will only get worse as time goeson, so factor in your location to your job.....
Good Luck.