Buying in NoVa with a small budget (Burke, McLean: foreclosure, rental)

[adyavaNoVa]

Currently, I rent a bedroom in a 2br/2ba condo in Tysons Corner. My rent is around $875 which includes all utilities...which is pretty descent for the area like this. I work in NW DC and my commute from Tysons to DC is about 1hr. My employer pays for the parking and metro as long as I am using the public transportation.

I like the McLean side of Tysons corner where I live because it's very quiet, it's at about 5 to 10 minutes driving distance to the gym, groceries, Tysons 1 (AMC theatre), good restaurants and some bar options, and the west falls church station (4700 parking garage!). On top of that it does not feel like living in a big city like DC or arlington. There are many trees in the area, open areas and some public parks.

So everything is pretty sweet...nothing to complaint about.

I am eventually looking to have a place of my own and it seems like the right time to start looking since I dont have any outstanding loans or any major expenses (other than those DC restaurants and bars I am invited to every week where the bills run 75$ per person).

Unfortunately I dont have a whole lot saved in cash and my take home salary is merely 4k.

I am hoping to find something in NoVa for under 300k that has 2br/2ba without making huge sacrifices my current lifestyle (except having a roommate, of course) and easy commute to work. It will also be an investment, so definitely looking for something that will have a good resale value down the line.

Is it even possible? What options do I have?

[HokieFan]

Have you spoken with a lender to find out what you qualify for?

My own situation, I financed approximately $270k and my monthly mortgage is slightly more than $1800.

I don't think you will be able to buy for what you're paying now. Keep in mind, a condo will have association fees as well.

[Darkseid]

Originally Posted by adyavaNoVa

Currently, I rent a bedroom in a 2br/2ba condo in Tysons Corner. My rent is around $875 which includes all utilities...which is pretty descent for the area like this. I work in NW DC and my commute from Tysons to DC is about 1hr. My employer pays for the parking and metro as long as I am using the public transportation.

WOW! That is an amazing deal for any place in the DC area, but particularly McLean.

I am hoping to find something in NoVa for under 300k that has 2br/2ba without making huge sacrifices my current lifestyle (except having a roommate, of course) and easy commute to work. It will also be an investment, so definitely looking for something that will have a good resale value down the line.

Is it even possible? What options do I have?

I don't see that being possible unless you find an amazing deal on a foreclosure.

[OrangeFish]

Originally Posted by adyavaNoVa

Currently, I rent a bedroom in a 2br/2ba condo in Tysons Corner. My rent is around $875 which includes all utilities...which is pretty descent for the area like this.

So are you seeking to pay $875 a month in housing or $875 times 2 = $1750 a month in housing (including utilities)?

[adyavaNoVa]

Thanks for the replies guys.

Sorry for not being clear. I am definitely not looking to buy for what my rent is right now. (I will edit my OP).

I have been approved for 300K (includes downpayment amount) and I am willing to use all of it. The lender tells me that my monthly payment will be about 2k (including PMI, and taxes). If I add condo fee and other utilities, the total is going to be 2500$. I will be confortable paying that kind of money for a 2br/2ba place as long as I can rent out the second bedroom for 800-900$.

[CaliTerp07]

There are a couple townhouses near me in Burke hovering in the $300k range. You could walk to the Rolling Rd VRE and take that downtown, depending on where you work. It would give you 3 bedrooms, so you could rent 1 or 2 out if you needed to.

I'm not sure how easily you could rent out rooms in Burke compared to Tysons though--I think you'd have better luck where you are currently.

[NYmama2dallas]

If it was me, I would want to make sure I could afford the mortgage without counting on the rental income from the extra bedroom. You could try saving the difference between a $2500 mortgage and your current rent for a few months and seeing how tight it is.

You have an amazing deal on rent right now--have you been able to save a lot with paying so little?

[bellasdad]

Originally Posted by adyavaNoVa

Unfortunately I dont have a whole lot saved in cash and my take home salary is merely 4k.

Is this amount your take home amount biweekly or per month?

[adyavaNoVa]

Originally Posted by NYmama2dallas

If it was me, I would want to make sure I could afford the mortgage without counting on the rental income from the extra bedroom. You could try saving the difference between a $2500 mortgage and your current rent for a few months and seeing how tight it is.

You have an amazing deal on rent right now--have you been able to save a lot with paying so little?

No doubt that I have a great rental situation. I was able to save because of that. Unfortunately I have invested most of the cash somewhere else. I have only about 15k to spare for downpayment right now.

[adyavaNoVa]

Originally Posted by bellasdad

Is this amount your take home amount biweekly or per month?

Biweekly?! I wish! . That's the take home amount every month.