Need advise - First time homebuyers in late 20's (Fairfax: power lines, renting)

[sunshine237]

Hey All,

We are first time home buyers in late 20's planning to buy a single family home in NOVA. Our range is $600-650 K. We are looking for a neighborhood that has a community feeling, young proffesionals and is centrally located. We really liked Vienna and Mclean but couldn't find anything decent in our range. We are now considering Clifton and Fairoaks/ fairlakes area. Do these neighborhoods cater to young proffesionals?
Another question is should we go for older homes with bigger yards and privacy or newer smaller homes that come on smaller acre lots? What will be a better choice for resale? Unlike Vienna or Mclean, I have noticed a blend of newer construction and older homes (1988-1995) in Fairfax area and coundn't decide what will give a better return 10 years down the line.

Any advice will be much appreciated.

Thanks,

Sunshine237.

[VRE332]

IMO chances are, you'll probably move into your house, and have a baby. So don't think about resale. You have not even moved in yet, and talking resale? On a more serious note, commuting to work is an important factor when deciding to buy a house. Before you commit to those areas, I would keep doing your research, you have LOTS of time. You can find a lot of places for under 600k. If the natural gas prices keep spiking like they are, who's going to buy your house in 10 years? Also remember as the house gets bigger, so do the utility bills. Oh and I forgot HOA fees. Fairfax County may also increase property taxes if they cannot find any money to close their budget gap.

[RE Lady VA]

I think you would do very well in the Fairfax/Clifton areas. As for the difference in resale between the newer homes on smaller lots and older homes on larger lots - it depends. I think you should look at both and see what would fit best with your lifestyle, and what "feels right". If you always dreamed of a big yard and a garden and choose a small lot, you may find that you need to move in order to get that down the road. If yard work is a hassle to you, then perhaps a small lot is a better fit. But there should be lots of great options for you in that price range, good luck!

[JD984]

There are a lot of houses on the market in Vienna now below $700K that would be very attractive to many first-time buyers, and prices have come down over the past several months. You might want to take another look there or in West Falls Church.

It's hard to read your comment that you could not find anything "decent" in that price range and not think that perhaps your expectations are a bit inflated for a first-time buyer. On the other hand, depending on where you work, it may make sense to look further out in Fair Oaks/Fair Lakes, Fairfax Station or Clifton. Just make sure that, if you find a house that you really like there, you can live with the daily commute - by car, VRE, or metro - to your work place.

[Nancy in Nokomis]

It depends on what you like.

If and when you have kids you might like a nice, big yard for them to play in, put a pool or swingset in or for pets if you have them.
Some busy people prefer big house/small yard because they dont have time to enjoy or maintain a yard.

As for investiment and resale, in my opinion, it is better to get a decent sized lot - there are tons of McMansions around - crammed on tiny lots - but land is always at a premium - you can always expand a small home but you usually cannot add land to a tiny lot.

Also - be careful where you buy - dont buy near power lines, lots of airplane traffic, highways, or a busy street. My husband would never buy a home on a street with a line down the middle - but that is just him.

Good luck - for $600k these days you should be able to get a beautiful home!

[spidercharm]

Originally Posted by JEB77

There are a lot of houses on the market in Vienna now below $700K that would be very attractive to many first-time buyers.

Except keep in mind that even at the current prices they have doubled in last 5 years. Quite a bit of downside to go.

Renting is way too attractive at this point. But, if you do end up buying, be ready for a bumpy ride to next few years assessments. Good luck!!

[JD984]

I won't predict which way the market is headed, but I don't think it's correct to suggest that houses in Vienna now on the market in the $600-700K price range have doubled in value over the past five years. Maybe over a 10-year period in Vienna, or over a five-year period somewhere else.

[spidercharm]

Originally Posted by JEB77

I won't predict which way the market is headed, but I don't think it's correct to suggest that houses in Vienna now on the market in the $600-700K price range have doubled in value over the past five years. Maybe over a 10-year period in Vienna, or over a five-year period somewhere else.

Technically you are correct. By 5 years I actually meant 2002-2007 period. The prices have come down a bit from the peak however. Not by a lot though and there is still way too much correction to come for someone to bet their life savings on a down payment.

I am renting in Vienna myself and love the area. No argument there.

[sunshine237]

Thank you all for great responses. We did like a beautiful house in Clifton (1992 built). It is around 4,500 sqft on a 0.39 acre lot. On financial aspect it is a great buy, and we do like the house, however, the neighborhood is a little older. We did not find any young couples on our multiple visits to the property. Our concern is we will not find anyone in our age group (late 20's) in the community to mingle with. That might not be a show stopper since we can still hang out with friends in other parts of NoVa. Second concern is if we have kids 2 yrs down the line, they might not have anyone aorund to play. Is that a big issue or we are just worried about nothing. We already have a contract on this property and are contemplating if we should back out or move on with it.

Sunshine237

[JD984]

If you're in a neighborhood where most of the houses were built in the early 90s, it's fair to assume that there will be more older kids than newborns in the neighborhood. But properties do turn over, and you'll meet young parents at other locations as well, so it doesn't seem like a big deal. Didn't you conclude this wasn't a significant issue before you signed the contract?