U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-13-2014, 06:11 PM
 
11 posts, read 14,263 times
Reputation: 15

Advertisements

My wife and I are moving to Northern Virginia for 2-3 years. We are trying to decide on renting or buying. Is it a good time to buy a home in the area? Our intent is to buy the home, live in it for 2-3 years and rent it after we move on. If we decide to buy, after our 2-3 year stay how likely is it that we rent the home? Is the rental market nearing saturation? Should we expect to rent the home and cover our PITI? We intent to use our VA eligibility.
Reply With Quote Quick reply to this message

 
Old 05-13-2014, 06:22 PM
 
Location: northern va
1,590 posts, read 2,138,384 times
Reputation: 1379
Quote:
Originally Posted by TolpinC5 View Post
My wife and I are moving to Northern Virginia for 2-3 years. We are trying to decide on renting or buying. Is it a good time to buy a home in the area? Our intent is to buy the home, live in it for 2-3 years and rent it after we move on. If we decide to buy, after our 2-3 year stay how likely is it that we rent the home? Is the rental market nearing saturation? Should we expect to rent the home and cover our PITI? We intent to use our VA eligibility.
Being that you added specific locations to this thread (over your other one in the RE forum), I'd be more inclined to lean on the side that you could cover your PITI (with possibly also your HOA if applicable.)

Rents are higher in FFX County (as are purchase prices). You'll typically get a favorable interest rate using your VA eligibility (but be sure to shop around, as just today I saw a .25 swing between two lenders), which should help..

Are you looking at a detached home or a townhome?
Reply With Quote Quick reply to this message
 
Old 05-13-2014, 06:35 PM
 
1,197 posts, read 1,833,147 times
Reputation: 990
If you only plan on staying 2-3 years it makes zero sense to purchase a home. Just rent.

Buy a home and you're paying closing costs that will put you in the red with regards to renting for some time. Can you cover the PITI renting with 20% down? Probably, but all it takes is 1-2 months of vacancy to clean you out. Where are you moving to afterwards...who will maintain the property once you leave? If you hire a property manager that's basically another 10% a year down the drain.
Reply With Quote Quick reply to this message
 
Old 05-14-2014, 08:42 PM
 
11 posts, read 14,263 times
Reputation: 15
Quote:
Originally Posted by kww View Post
Being that you added specific locations to this thread (over your other one in the RE forum), I'd be more inclined to lean on the side that you could cover your PITI (with possibly also your HOA if applicable.)

Rents are higher in FFX County (as are purchase prices). You'll typically get a favorable interest rate using your VA eligibility (but be sure to shop around, as just today I saw a .25 swing between two lenders), which should help..

Are you looking at a detached home or a townhome?
We are looking for a single family detached home 2 car garage and walkout basement. I think they are all things that will make the home attractive on the rental market.
Reply With Quote Quick reply to this message
 
Old 05-14-2014, 08:45 PM
 
11 posts, read 14,263 times
Reputation: 15
Quote:
Originally Posted by boyd888 View Post
If you only plan on staying 2-3 years it makes zero sense to purchase a home. Just rent.

Buy a home and you're paying closing costs that will put you in the red with regards to renting for some time. Can you cover the PITI renting with 20% down? Probably, but all it takes is 1-2 months of vacancy to clean you out. Where are you moving to afterwards...who will maintain the property once you leave? If you hire a property manager that's basically another 10% a year down the drain.
In these areas have you seen a home go vacant that long? We are having difficulty finding a rental. They fly off the market.
Reply With Quote Quick reply to this message
 
Old 05-14-2014, 08:48 PM
 
Location: northern va
1,590 posts, read 2,138,384 times
Reputation: 1379
Quote:
Originally Posted by TolpinC5 View Post
We are looking for a single family detached home 2 car garage and walkout basement. I think they are all things that will make the home attractive on the rental market.
agreed 100%.
Reply With Quote Quick reply to this message
 
Old 05-14-2014, 08:51 PM
 
Location: northern va
1,590 posts, read 2,138,384 times
Reputation: 1379
Quote:
Originally Posted by TolpinC5 View Post
In these areas have you seen a home go vacant that long? We are having difficulty finding a rental. They fly off the market.
agreed. currently only four with two car garages for rent (in the MLS) in Burke or Springfield (detached)

Longest day on market of these four homes is eight days..
Reply With Quote Quick reply to this message
 
Old 05-14-2014, 09:09 PM
 
11 posts, read 14,263 times
Reputation: 15
Quote:
Originally Posted by kww View Post
agreed. currently only four with two car garages for rent (in the MLS) in Burke or Springfield (detached)

Longest day on market of these four homes is eight days..
So you'd be an advocate of buying. Which town is the most desirable for a family? Seems Burke is the most family centric. Springfield does not have the community center that Burke offers. Fairfax Station is more expensive and also lacks a community center. However Fairfax Station offers newer homes. There does not seem to be much shopping in Fairfax Station or Springfield.
Reply With Quote Quick reply to this message
 
Old 05-14-2014, 09:10 PM
 
Location: Northern Virginia
4,489 posts, read 9,583,105 times
Reputation: 3656
Quote:
Originally Posted by kww View Post
agreed. currently only four with two car garages for rent (in the MLS) in Burke or Springfield (detached)

Longest day on market of these four homes is eight days..
Yeah, but how many houses in those areas have two car garages, period? Most homes in this neck of the woods have car ports or single car garages.
Reply With Quote Quick reply to this message
 
Old 05-14-2014, 09:59 PM
 
Location: northern va
1,590 posts, read 2,138,384 times
Reputation: 1379
Quote:
Originally Posted by CaliTerp07 View Post
Yeah, but how many houses in those areas have two car garages, period? Most homes in this neck of the woods have car ports or single car garages.
Admittedly, cannot answer that (quickly), as I just searched for the two areas the thread starter specified, Burke and Springfield. But, for the sake of discussion, there are currently 99 detached homes for sale in those two cities that are detached with two car garages.. List price not being taken into account, of course

But, yes, the carport is the de facto accy in most parts of Springfield it seems.

Too many variables to try and calculate off the limited data given ITT, especially when trying to forecast three years out..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 11:10 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top