Contemplating Buying in Burke, Springfield or Fairfax Station (for sale, rental market)

[TolpinC5]

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.

[kww]

Originally Posted by TolpinC5

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?

[boyd888]

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.

[TolpinC5]

Originally Posted by kww

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.

[TolpinC5]

Originally Posted by boyd888

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.

[kww]

Originally Posted by TolpinC5

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%.

[kww]

Originally Posted by TolpinC5

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..

[TolpinC5]

Originally Posted by kww

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.

[CaliTerp07]

Originally Posted by kww

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.

[kww]

Originally Posted by CaliTerp07

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..