Young couple looking to buy a home in Falls Church (22042) (Arlington: apartments, rent)

[wallstplyr]

We are a young couple torn between buying a home in North Arlington (22205) or nearby Falls Church which is no further than East Falls Church metro/Falls Church City. We have a $500k housing budget and the best we did was find a nice brick 1948 colonial in zip code 22205 in West Ballston, which we loved the phenomal location near bars, shops, parks, and bike trails. But the homes are incredibly too small and needs about $40k-$75k in renovation work - a high price for a $500k investment for first-time home buyers like ourselves. However, we found a relatively cheaper home that does not really need major reno work about 10 minutes outside of Arlington in Falls Church tucked away in the Mason Terrace subdivision between Rt. 50 and Rt. 7. The house is like 3 blocks from a bus stop that runs to East Falls Church metro. The home has about 900 more sqft and a big deck/backyard and an extra bedroom and.. just more space throughout! Although, if we chose the Falls Church route, we'd be giving up close proximity to bike trails, bars, and restaurants in a highly desirable 22205 zip code.

So with that being said, we have absolutely no idea on what's good and safe in Falls Church particularly in the 22042 zip code and Mason Terrace subdivision (about 1 mile southwest of Falls Church City). I know there are compromises that need to be made - spacious cape cod with add-on w/2 car garage in a family-oriented neighborhood (we are a young childless couple) versus a historic brick colonial where our furniture barely fits.

Any feedback especially on the Mason Terrace subdivison or close proximity to 7 corners / Falls Church City for a young couple who enjoys major amneities and space (I know every home buyer in the area are looking for the same!) would be greatly appreciated.

[michgc]

Here's my advice - buy the house where you want to live. You can always change the house; you cannot change the location. I know very little about that area in Falls Church but it sounds like you would be compromising on the nearby amenities you want. And if that's the case, I don't think you'll like living there even if the house is a mansion. Just my 2 cents.

[snuffy1968]

Do you plan to stay long term? Children in the future?

[terrence81]

Have you looked at any houses around Lake Barcroft? The northside of the lake is nicer (but more expensive) looked at a place around there and was really impressed but it's about as far from the metro as one can get inside the Beltway though and no bus lines either. But yeah right around the lake is nice anything close to Sleepy Hollow. Not too sure about prices though but i can vouch for something close to the lake. Many I'm sure will have something to say about the schools since the further you get from the lake the more Hispanic the neighborhood gets. It's a funny area since there are some run down apartments nearby but it's a pretty safe area though. I lived there before moving out to Oakton and while I have complained in other threads about my living situation there (group house with 8 other people) the houses near the lake were pretty nice. Looked like they were built in the 50s and 60s.

[terrence81]

Another area that's nice is on the other side of Sleepy Hollow from Lake Barcroft technically in Annandale very quaint.

[claremarie]

Well, there is a reason that you get more house for less money in Mason Terrace than in Ballston, so what you need to decide is whether the house or location is more important to you. I could not find Mason Terrace on my ADC map, and am not familiar with that exact neighborhood, but personally would not want to deal with Seven Corners on a regular basis. If you can get to work, the grocery store, the bike path, etc. without having to navigate around that intersection, it might be fine to live there. If you're already living in the DC area, then take some time and drive around the Falls Church house during different parts of the day and early evening hours. Pretend that you live there. Go to the bus stop and see how long it actually takes to get to the EFC Metro stop during your commuting hours. Drive to the grocery store, find your way to the bike path, check out the restaurants. See what the neighbors are like -- are they young couples, empty nesters? Can you walk anywhere? You'll soon have a good feel for whether you like it and feel safe. Also consider how marketable that house is -- how long has it been on the market? What is the school situation? It may not matter to you, but it will matter to many people who might consider buying your house in the future.
When we bought our first house, we went for the 1952 box colonial in 22213 near the EFC Metro. 3 BR 1/5 bath, unfinished basement, original kitchen, no garage, postage stamp yard. We would have loved more space, a nicer yard, and a garage, but were willing to make that tradeoff for a convenient location within walking distance to EFC and no traffic hassles for everyday errands. We did end up finishing the basement, updating the kitchen, and enclosing the porch during the ten years we lived in the house.
I'd go for the location; as a previous poster noted, you can't change that.

[wallstplyr]

Thank you all for your comments!

Update: We did make an offer on a small brick colonial in a phenomal location (bluemont neighborhood) - approximately one and a half mile from Ballston metro. Unfortunately, it is a 2 bedroom 2 bath (one bath upstairs and one bath in the basement) and the kitchen is extremely small where we might need to tear down some walls and possibly convert the back sunroom into a livable space such as kitchen or dining room expansion. Anybody here have contractor recommendations? Is it expensive? We also will need to redo the basement.

Gosh! $500k is quite a bit of money for a quasi-fixer upper don't you think? But can't beat the location and potential resale value.

Additional comments welcome as well as feedback on contractor recommendations or potential costs we may face...

[irvine]

Check out the C&D company. They have a very strong reputation. This firm is renovating a house in the Bluemont neighborhood at the intersection of N Harrison St. and 8th Rd. N.

[wallstplyr]

Wow this is great! Thanks for the referral.

[flrnova]

Originally Posted by wallstplyr

Thank you all for your comments!

Update: We did make an offer on a small brick colonial in a phenomal location (bluemont neighborhood) - approximately one and a half mile from Ballston metro. Unfortunately, it is a 2 bedroom 2 bath (one bath upstairs and one bath in the basement) and the kitchen is extremely small where we might need to tear down some walls and possibly convert the back sunroom into a livable space such as kitchen or dining room expansion. Anybody here have contractor recommendations? Is it expensive? We also will need to redo the basement.

Gosh! $500k is quite a bit of money for a quasi-fixer upper don't you think? But can't beat the location and potential resale value.

Additional comments welcome as well as feedback on contractor recommendations or potential costs we may face...

Higher resale value?? If you are buying a house today be prepared to lose your downpayment (i.e. 20%) for the foreseeable future and only do it because you think it is worth "owning" (you don't really own unless you pay cash) for lifestyle and freedom purposes.

The only thing that is supporting the housing market today is the bond bubble. The ruling powers are trying to inflate their way out of the mess that they created, but for highly leveraged assets like housing that will backfire because mortgage rates will incfrease when the bond market collapses as inflation takes hold. And if the converse happens then you will see continued asset deflation (like Japan 1992-today) and continued decline in house prices. Either way, the housing market continues to tank. In market parlance, we have entered a secular bear market for housing.

I have $500k cash to spend on a house and wouldn't dream of buying one around here (or anywhere in the US) at this point.... Possibly, as a hedge, something lower end like some condos that are down 50% and are approaching 7-8% cap rates -- thus reasonable investments. The upper end of the market has not yet been hit significantly. The Arlington fixer-upper should not be pricing at $500k. The cap rates on Arlington houses are about 5%, which suggests that they are grossly over-valued by any metric.

Step back and think what you can rent for the same price as financing $500k at 6%.