Housing frustration- grad student (Arlington, Springfield: renting, townhouse, neighborhood)

[Carlingtonian]

Originally Posted by ChristineVA

(Your post.)

Yeah, I guess it depends on what you mean by "fixer-upper." A lot of people go "eewww!" when they see a non-granite countertop.

Our first house was a 2BR/1BA, 800SF bungalow. Everything was outdated. We updated as we could, over a few years. Now we have a slightly larger house that is also in need of updating--which we're once again doing incrementally. But we've discovered that it's easy to get used to 1940s Formica countertops.

[ChristineVA]

Originally Posted by Carlingtonian

Yeah, I guess it depends on what you mean by "fixer-upper." A lot of people go "eewww!" when they see a non-granite countertop.

Our first house was a 2BR/1BA, 800SF bungalow. Everything was outdated. We updated as we could, over a few years. Now we have a slightly larger house that is also in need of updating--which we're once again doing incrementally. But we've discovered that it's easy to get used to 1940s Formica countertops.

I'm just shocked at how much it costs to "update". My 17 y/o house still has non-granite. I "updated" them about 8 years ago. The cost for formica was $3,000. The cost for granite was $11,000. I just couldn't do it. Then there's the windows, the bathrooms that need new tile, the deck needs redone. The list never ends and everything is pricey.

[scottfs]

Originally Posted by ChristineVA

I agree with this but want to clarify something.

We were always in the position of the OP: we could afford a house but after that, we had no real good cashflow for "fixing up" or having anything major fail. My first home was an 18 month old townhouse that needed no fixing up. When I moved to a SFH (in PWC), I had the choice of either buying in FFX Co for $300,000 and getting a "fixer upper" or getting a brand new house in PWC for $220,000 and knowing I didn't need to spend any money on it for many years. I really wanted to live in FFX and still do; however, there was no way I could afford that mortgage and deal with a fixer-upper. I just didn't have the money. So here I sit in my 17 year old home that has now turned into a fixer upper!!!!

Seriously, though, if the OP buys closer in and gets a fixer upper, her housing budget for that fixer upper is going to have to come DOWN so that she can afford to make the necessary repairs.

I think it depends on whether it's a true fixer. Many older homes do have major repair issues and fixing up to do. I can see why you didn't want to take on the risk in your situation.

Other houses have been cared for quite well over the years and really aren't massive maintenance hassles, but are rather outdated. My house has had some issues but overall was cared for well, had newer windows, water heater, air conditiner, etc. Some people would call it a "fixer upper" but it really wasn't. The bathrooms were yellow and blue, sure, but everything worked properly. We just waited until we could afford to remodel, and then I got to feel the satisfaction of having made something nice myself, rather than having just purchased it.

Some folks think that outdated means unlivable and it doesn't. Hate it when you watch house hunters and they see the dreaded laminate counter tops and exclaim "well, this is something we'd have to fix right away before we moved in!"

[CAVA1990]

Originally Posted by scottfs

I think it depends on whether it's a true fixer. Many older homes do have major repair issues and fixing up to do. I can see why you didn't want to take on the risk in your situation.

Other houses have been cared for quite well over the years and really aren't massive maintenance hassles, but are rather outdated. My house has had some issues but overall was cared for well, had newer windows, water heater, air conditiner, etc. Some people would call it a "fixer upper" but it really wasn't. The bathrooms were yellow and blue, sure, but everything worked properly. We just waited until we could afford to remodel, and then I got to feel the satisfaction of having made something nice myself, rather than having just purchased it.

Some folks think that outdated means unlivable and it doesn't. Hate it when you watch house hunters and they see the dreaded laminate counter tops and exclaim "well, this is something we'd have to fix right away before we moved in!"

I just tell visitors that I have an agreement with the Smithsonian to maintain the house in its original style for posterity.

[Kacy007]

Well I have to ask this question- what about buying a more modern home/townhome now and once the baby is ready to go to school in 4-5 years selling and buying an older (or newer) SFH in the city we ultimately plan on settling in? This may seem naive but I have a hard time buying an older home now in a good school district when my daughter can't even crawl yet I have a hard time committing to a "forever home" right now (I'm 32). However, we know for a fact we want to stay in NOVA.

As someone mentioned earlier we don't have the funds to do a lot of renovation and an already updated place would be ideal.

To those who suggest we rent a larger space vs buying: I've found 3 bedroom townhomes renting for $3000---wouldn't it make more sense to buy instead and have a lower monthly payment?

Thanks again

[CaliTerp07]

3 bedroom townhomes don't have to cost $3000! We rented a great 3 bedroom SFH in N. Springfield for $1950 last year. There are much more affordable options out there.

Run the numbers here for similar properties: Is It Better to Buy or Rent? - Interactive Graphic - NYTimes.com

If your plan is only to hold the property for 4-5 years, it's risky to assume you will make out better buying.

[Kacy007]

Thanks for the link. The $3000 rentals I've found are mainly in Arlington via Craigslist search. I will look into Springfield though especially since DH works there.

[CaliTerp07]

Originally Posted by Kacy007

Thanks for the link. The $3000 rentals I've found are mainly in Arlington via Craigslist search. I will look into Springfield though especially since DH works there.

You have to compare similar properties though, or it's not fair. That $3000 townhome rental isn't a realistic buy for $450k either. Springfield could be great for you guys--lots of options there.

[CAVA1990]

Originally Posted by Kacy007

To those who suggest we rent a larger space vs buying: I've found 3 bedroom townhomes renting for $3000---wouldn't it make more sense to buy instead and have a lower monthly payment?

Thanks again

If you buy you'll get a nice tax break so a $3,000 house payment will likely net out around $2,400 after write-offs over the normal standard deduction like mortgage interest, property, personal property and state income taxes and charitable contributions.

[stpickrell]

If you are not sure where you'll go after grad school buying will be foolish.

If you want the shiny new place, then prepare to pay in commute. New house costs more + there are always new home headaches.