First time homebuyer, where in Nova would you invest? (Reston: comparable sales, short sale)

[Teebyrd86]

Dear City-data friends:

So I have been tinkering with the idea of buying my first place. I currently rent a really nice condo in Centreville (1 bedroom with loft) and as some of you already know I am very happy here, have awesome neighbors too. My landlord and I have been back and forth together with her bank about short saleing the condo to me, she really wants to sell it to me and move on from it. In the meantime I have gotten together with a realtor and have looked at various units in the area. I work in Chantilly but I am willing to move futher from work (idealy closer in). I was just wondering for some input from others about if they were in my shoes where would you invest in a one or two bedroom condo in the western suburbs? Again I am willing to go out to Ashburn, Chantilly, Reston, Oakton, ect. anywhere in the immediate area. My budget is low: $150,000 or less even though I was approved for more. Again I have the option of staying in this condo and hopefully getting a good deal on it if all works out. Also would you go with a two bedroom or a one? I went and saw a one bedroom in Oakton for $149,000 today was recently reduced from $180,000 it is considerably older and needs updates but is that a good area to invest?
Thanks!!!!!!!!!!

[CaliTerp07]

I don't think a home should be thought of as an investment. If you're looking to make money, there are many other more profitable ways to tie up your money than real estate.

Live where you want to live. Where do you see yourself being comfortable for 5+ years? Do you expect to have a spouse and/or children any time soon? (If so, a 1 br won't cut it for very long). Do you ever have friends or family from out of town visit? (Guest room is nice!) Do you ever work from home and want a dedicated space for paperwork and a computer that isn't your coffee table?

Where do your interests lie? Do you want to be able to go out in DC without schlepping 45 minutes to get downtown? Are you tied to any volunteer commitments, social activities, or other things that you want to remain close to? Do you want access to bike paths and nature trails, or would you rather be able to walk to CVS?

I know that doesn't answer your question, but really--the place that I would buy my first home isn't the same as where you should.

[Teebyrd86]

Originally Posted by CaliTerp07

I don't think a home should be thought of as an investment. If you're looking to make money, there are many other more profitable ways to tie up your money than real estate.

Live where you want to live. Where do you see yourself being comfortable for 5+ years? Do you expect to have a spouse and/or children any time soon? (If so, a 1 br won't cut it for very long). Do you ever have friends or family from out of town visit? (Guest room is nice!) Do you ever work from home and want a dedicated space for paperwork and a computer that isn't your coffee table?

Where do your interests lie? Do you want to be able to go out in DC without schlepping 45 minutes to get downtown? Are you tied to any volunteer commitments, social activities, or other things that you want to remain close to? Do you want access to bike paths and nature trails, or would you rather be able to walk to CVS?

I know that doesn't answer your question, but really--the place that I would buy my first home isn't the same as where you should.

I understand that and I appreciate your reply. I think of it as an investment because I dont plan on living here forever (5 years yes) but not forever and I would like to buy a place that will hold its value and or increase well over the years. I hardly go into DC.. but that doesnt mean I wouldnt mind being closer to the metro nor does it mean I have to live close to the metro. I am just asking for a general idea. And no I dont plan on having kids or getting married anytime soon. I have no commitments here just my job in Chantilly. A two bedroom for guests or maybe a roomate if things get tight would be nice..

[Pandoras]

Personally, I would rather have a two bedroom condo then a 1 bedroom. However, if you love your condo and the numbers work for you then you should get it.

Have you compared the cost of renting vs the cost of owning the condo? Sometimes it makes sense to rent rather then own. Also, look for comparable sales to check to see you are getting a good deal. Good luck to you!

[Teebyrd86]

Originally Posted by Pandoras

Personally, I would rather have a two bedroom condo then a 1 bedroom. However, if you love your condo and the numbers work for you then you should get it.

Have you compared the cost of renting vs the cost of owning the condo? Sometimes it makes sense to rent rather then own. Also, look for comparable sales to check to see you are getting a good deal. Good luck to you!

I have checked on that.. and low hoa fees are high on my priority list, they are $178 a month here.