First time home buyers, Skyline or Oakton (McLean, Tysons Corner: low income, fit in)

[anonymouseme712]

Hello,

We are a young couple in their late 20's and have decided to buy our first home through the first time home buyer program. We rent in a high rise condo with lots of amenities for $1.6k. My work will stay home and I will commute to DC for work by bus/metro.Our budget is $250k to $275k and we are really confused between two options:

1. A 2bed/2bath high rise condo in the Skyline area for $250k, Falls Church area. Fits in our budget, like the high rise condo feel with the amenities, lots of restaurants nearby, closer to city, inside-495, not so good schools, lower median household income of $75k, I alone am close to 100k salary and my wife will start going to work next year.

2. A 2bed/2bath condo in a garden style in Oakton, VA for $250k. Fits in our budget, has pool, dependent on car, closer to metro, good school ratings, good resale value because of good schools (?), higher median household income of $150k.

Can someone advice on what should first time home buyers be looking at. Should we look at school ratings (though we will not be using schools now but it's good for resale plus helps in giving out on rent as well)? The commute (to Metro Center) is the same from the two places but the high rise condo one has a bus ride as well and I don't want to be outside in the cold waiting for the bus. We also spend most of the weekends out in DC, so closer to metro would be ideal but during the weekdays we would like access to restaurants at foot distance.

Thanks in advance for your time to read and reply.

Cheers!

[Carlingtonian]

My thoughts below:

Originally Posted by anonymouseme712

Hello,

We are a young couple in their late 20's and have decided to buy our first home through the first time home buyer program. We rent in a high rise condo with lots of amenities for $1.6k. My work will stay home and I will commute to DC for work by bus/metro.Our budget is $250k to $275k and we are really confused between two options:

1. A 2bed/2bath high rise condo in the Skyline area for $250k, Falls Church area. Fits in our budget, like the high rise condo feel with the amenities, lots of restaurants nearby, closer to city, inside-495, not so good schools, lower median household income of $75k, I alone am close to 100k salary and my wife will start going to work next year.

Used to work near there. The area is definitely on a upward but perhaps slow trajectory due to the Mark Center being nearby and other agencies already there or coming soon (e.g., Fish/Wildlife). For now, the big apartment buildings are very heavy on immigrants, particularly from South Asia and the Middle East. There are shops near there where you'd swear you were in A-stan. However, it's close in and over the long term will be a good bet.

2. A 2bed/2bath condo in a garden style in Oakton, VA for $250k. Fits in our budget, has pool, dependent on car, closer to metro, good school ratings, good resale value because of good schools (?), higher median household income of $150k.

Good schools do raise home values. Oakton is pretty upscale; my perception (very possibly outdated or inaccurate) is that it's mostly older people. But it's farther out from DC. I haven't been there in some time, but I think of it as being a wooded enclave of detached houses with businesses in strip malls a short drive away--so it has perhaps less potential for the walkable nearby eateries that you're seeking.

Standing outside waiting for a bus can suck, but so can standing on a crowded train platform.

Can someone advice on what should first time home buyers be looking at. Should we look at school ratings (though we will not be using schools now but it's good for resale plus helps in giving out on rent as well)? The commute (to Metro Center) is the same from the two places but the high rise condo one has a bus ride as well and I don't want to be outside in the cold waiting for the bus. We also spend most of the weekends out in DC, so closer to metro would be ideal but during the weekdays we would like access to restaurants at foot distance.

Thanks in advance for your time to read and reply.

Cheers!

[fcyolo]

Originally Posted by anonymouseme712

Hello,

We are a young couple in their late 20's and have decided to buy our first home through the first time home buyer program. We rent in a high rise condo with lots of amenities for $1.6k. My work will stay home and I will commute to DC for work by bus/metro.Our budget is $250k to $275k and we are really confused between two options:

1. A 2bed/2bath high rise condo in the Skyline area for $250k, Falls Church area. Fits in our budget, like the high rise condo feel with the amenities, lots of restaurants nearby, closer to city, inside-495, not so good schools, lower median household income of $75k, I alone am close to 100k salary and my wife will start going to work next year.

2. A 2bed/2bath condo in a garden style in Oakton, VA for $250k. Fits in our budget, has pool, dependent on car, closer to metro, good school ratings, good resale value because of good schools (?), higher median household income of $150k.

Can someone advice on what should first time home buyers be looking at. Should we look at school ratings (though we will not be using schools now but it's good for resale plus helps in giving out on rent as well)? The commute (to Metro Center) is the same from the two places but the high rise condo one has a bus ride as well and I don't want to be outside in the cold waiting for the bus. We also spend most of the weekends out in DC, so closer to metro would be ideal but during the weekdays we would like access to restaurants at foot distance.

Thanks in advance for your time to read and reply.

Cheers!

Lots of low income housing in the skyline area and low quality schools. Only positive is that you can drive into DC.

Oakton has excellent schools and higher incomes but the condos tend to have a lot senior citizens. Not many walkable areas but you may be short drivable distance to the Vienna metro.

Pick you poison!

Some other areas to consider in that price range and size not far from a metro, restaurants/retail and near the Tysons Redevelopment area (lots of upside potential)
http://www.realtor.com/realestateand...34-11520?row=5
http://www.realtor.com/realestateand...2_M51724-93506
http://www.realtor.com/realestateand...53-42660?row=2
http://www.realtor.com/realestateand...4-73666?row=10

[fcyolo]

Originally Posted by fcyolo

Lots of low income housing in the skyline area and low quality schools. Only positive is that you can drive into DC.

Oakton has excellent schools and higher incomes but the condos tend to have a lot senior citizens. Not many walkable areas but you may be short drivable distance to the Vienna metro.

Pick you poison!

Some other areas to consider in that price range and size not far from a metro, restaurants/retail and near the Tysons Redevelopment area (lots of upside potential)
http://www.realtor.com/realestateand...34-11520?row=5
http://www.realtor.com/realestateand...2_M51724-93506
http://www.realtor.com/realestateand...53-42660?row=2
http://www.realtor.com/realestateand...4-73666?row=10

Here are plans for that area
LCOR Commons of McLean Attains Planning Commission Approval Recommendation | The Tysons Corner

Capital One Development | Tysons Partnership | Tysons, VA | America's Next Great City

[kww]

on a plane with spotty service, so will follow up later with more thoughts.

can you not come with a downpayment, preferably 5%? The interest rate (and required monthly PMI) can be a little nasty on the VHDA program.

If you can come with 5%, you can go (possibly) go conventional and avoid the monthly MI (if you can negotiate enough closing costs to absorb it at closing as a one time fee.

Looking into a site like greatschools etc for ratings is nice and all, and may help you with future resale, but so much can change over the years. Additionally, some schools rate low on sites like that for BS reasons. My GF is a teacher, her school is a 3 out of 10 on greatschools, but their test scores are in like the 98 percentile or something..

[acgood]

Oakton. Your in exactly the right budget range for condos there. Are you looking at a particular place? it sound like you think it will not need a bus ride to get to vienna metro. But except for the ones right across the street, most that I know of are down near intersection with 123 about 1.5-2 miles from the station

[anonymouseme712]

Originally Posted by Carlingtonian

My thoughts below:

Thanks Carlingtonian,

Agree with your point about the immigrants in the Skyline area. We are immigrants too but legal and in STEM so didn't get a very good feel about the people in the building but they seemed quiet and keep to oneself kind.

We will be going to see the Oakton houses with our realtor this weekend and should get a better feel for the place and check the neighborhood and demographics visually.

[anonymouseme712]

Originally Posted by fcyolo

Lots of low income housing in the skyline area and low quality schools. Only positive is that you can drive into DC.

Oakton has excellent schools and higher incomes but the condos tend to have a lot senior citizens. Not many walkable areas but you may be short drivable distance to the Vienna metro.

Pick you poison!

Some other areas to consider in that price range and size not far from a metro, restaurants/retail and near the Tysons Redevelopment area (lots of upside potential)
http://www.realtor.com/realestateand...34-11520?row=5
http://www.realtor.com/realestateand...2_M51724-93506
http://www.realtor.com/realestateand...53-42660?row=2
http://www.realtor.com/realestateand...4-73666?row=10

Thanks fcyolo,

We have been keeping tabs at the Mclean/Tysons properties and have already ruled out the above properties due to the high condo fees of over $500. I will look into the Capital One development project and see if the residential condos fit in our budget.

[anonymouseme712]

Originally Posted by acgood

Oakton. Your in exactly the right budget range for condos there. Are you looking at a particular place? it sound like you think it will not need a bus ride to get to vienna metro. But except for the ones right across the street, most that I know of are down near intersection with 123 about 1.5-2 miles from the station

Yes acgood, The Oakton area has a peak hour bus service from Oakton to Vienna metro which is like 1.5-2 miles and takes about 10 minutes. In the spring/fall/summer, I am planning to bike to the Vienna metro and do away with the short bus ride.

[anonymouseme712]

Originally Posted by kww

on a plane with spotty service, so will follow up later with more thoughts.

can you not come with a downpayment, preferably 5%? The interest rate (and required monthly PMI) can be a little nasty on the VHDA program.

If you can come with 5%, you can go (possibly) go conventional and avoid the monthly MI (if you can negotiate enough closing costs to absorb it at closing as a one time fee.

Looking into a site like greatschools etc for ratings is nice and all, and may help you with future resale, but so much can change over the years. Additionally, some schools rate low on sites like that for BS reasons. My GF is a teacher, her school is a 3 out of 10 on greatschools, but their test scores are in like the 98 percentile or something..

kww, We are going with the VHDA Fannie Mae No MI Pilot program, which gives a 3% downpayment grant (no obligation to pay back, FREE money) and no MI on the mortgage. The interest rate is a lil higher at 4.625 though, but we do not have savings for downpayment yet. The monthly mortgage payment through this program is less than the payment through a conventional program with 5% downpayment and PMI.

We will need another year to save for the 5% downpayment and with interest rates to increase, I think it's better to go with this program now rather than pay the 5% downpayment (out of pocket), one year rent and higher interest rate (possibly higher than 4.625) on a conventional loan.