Rush Hour Commute times (Arlington, Woodbridge: real estate, to rent, HOA fees) - Northern Virginia - Virginia (VA) - City-Data Forum

NOVAnewguy · 07-17-2009, 10:05 AM

Hi everyone,

I am recently new to this site and also to the NOVA area. I currently live in Woodbridge renting an apt for $775/month without utilities. I work at Ft. Belvoir and am realizing very quickly that I do not want to rent anymore. I read the post from ScranBarre and all the replies. It was very helpful to me to understand that if I do wish to stay in this area and live the life that I have in mind then I must start building equity now (I am 21). I recently graduated college with an accounting degree. I would like to buy a place relatively soon before the mortgage rates start to increase. I have obviously never bought a house/condo/th or anything like that before so it would all be new to me. I was thinking of possibly renting it out for a year or two to basically have someone else pay for my house for me and for myself prob continue renting till I felt that it was right to move into that place or sell it and buy a different place for myself with a bigger downpayment due to the rents paying my mortgage and me hopefully being able to turn a profit.

My question lies with this, How long does it take to commute during rush hour to Ft belvoir area from areas surrounding. I am not going to be buying a place in Arlington or anything because that is obviously to expensive for me. However, even though I may be staying where I am at for a while I would like to know so that when I do want to take over my place I know what I am in for. By reading the thread that scranbarre started I can see that if I don't start soon I will be in deep trouble later on in my life. I feel that it is a good way to build equity and especially if I can have someone practically buying my house for me while it appreciates. I may be wrong since I am new to this all but right now it seems to be the way for me to go. If any of you could help me out on the commute times during rush hour or if you have any words fromt he wise about building equity so that one day I can buy that place in Arlington please let me know. Thank you all in advance.

VRE332 · 07-17-2009, 10:27 AM

You have plenty of time to buy a house, don't rush. House prices are not going to jump overnight. Ft. Belvior is going to be worse in the next 5-10 years when the BRAC transitions are completed. In addition, you don't know where you next job would be either.

Yankeesfan · 07-17-2009, 10:39 AM

It sounds like you would qualify for the first-time homebuyer's tax credit (it would have to be your residence, you couldn't rent it out):

Federal Housing Tax Credit for First-Time Home Buyers: Home (http://www.federalhousingtaxcredit.com/2009/index.html - broken link)

Not advising you whether to buy or not buy but, depending on your budget, if you decide to buy, you might look into Kingstowne or one of the nearby neighborhoods (Island Creek, Manchester Lakes, Landsdowne) which have a lot of townhouses and some condos. They are in zip code 22315 (Manchester Lakes, 22310) and are all near the Telegraph gate at Fort Belvoir (and also near the Franconia-Springfield Metro on the Blue Line). You can check realtor.com or militarybyowner.com.

Kingstowne Residential Owners Corporation

Island Creek Community

Manchester Lakes

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oneasterisk · 07-17-2009, 11:32 AM

Quote:

Originally Posted by VRE332

You have plenty of time to buy a house, don't rush. House prices are not going to jump overnight. Ft. Belvior is going to be worse in the next 5-10 years when the BRAC transitions are completed. In addition, you don't know where you next job would be either.

I agree. Real estate prices aren't going to V rebound so don't rush things. Interest rates have been pretty low and will probably be that way till the economy stabilizes further. To be honest interest rates have gone up since a few months ago (I bought a house in April 09 and locked in at 4.75%). They're currently around 5.5%, but still very low.

Are you in a good place financially? How is your job security? How's your credit score? A good credit score will allow you lower interest rates on a loan. Do you have money for a down payment? If you don't put down 20%, expect to pay PMI so that increases your payment monthly.

Why would you buy a home, then rent it out while you rent out another place? Why not just live in it and then maybe rent out a room to help with the payment?

NOVAnewguy · 07-17-2009, 11:40 AM

Well I will be in a good place financially come April which is when I was thinking of buying. I work for a government agency so my job is pretty secure. As for credit I am going to try and build it up. Right now I can't even get a credit card so I have to get a secure one. I also have a student loan to pay off that will help with that not to mention my utilites and rent building me up. I will also have 20% by the time I am looking to buy. I thought about getting a house and living there and renting a room out but I am very OCD and usually everything has to be the way I like it or I go crazy haha. I mean I definitely thought about it but I figure if I were to rent it out then I could live how I am living now and then when ready just move on over to my house. I did find some really nice places in manassas just unsure of the drive to Belvoir in the morning. Also what is the BRAC?

Yankeesfan · 07-17-2009, 12:00 PM

http://www.belvoirnewvision.com/

VRE332 · 07-17-2009, 12:08 PM

Quote:

Originally Posted by NOVAnewguy

Well I will be in a good place financially come April which is when I was thinking of buying. I work for a government agency so my job is pretty secure. As for credit I am going to try and build it up. Right now I can't even get a credit card so I have to get a secure one. I also have a student loan to pay off that will help with that not to mention my utilites and rent building me up. I will also have 20% by the time I am looking to buy. I thought about getting a house and living there and renting a room out but I am very OCD and usually everything has to be the way I like it or I go crazy haha. I mean I definitely thought about it but I figure if I were to rent it out then I could live how I am living now and then when ready just move on over to my house. I did find some really nice places in manassas just unsure of the drive to Belvoir in the morning. Also what is the BRAC?

If you can't get a credit card right now, I don't think it's in your best interests to buy anything right now. You're basically saying you have no credit history.

Another thing is utilities, taxes, hoa fees, etc might end up being too expensive for you.

Oh BTW Nobody's job is secure either. Owning is not for everyone. I Wish you the best. Don't screw up!

ChristineVA · 07-17-2009, 12:11 PM

Essentially you have no credit. Right now, lenders are absolutely REELING from their previous lending practices and are being very strict right now with loans. Even if you could get a loan, you are not going to get the best interest rate because of your lack of credit. I would really consider living frugally, building up credit, and eliminating your student loan.

As others have said, you have plenty of time. I didn't buy my first home until my late 20s and really, it has all turned out well.

Legs1357 · 07-17-2009, 12:58 PM

Yeah I don't know why you're rushing into this. Even if you did manage to build your credit up sufficiently and have enough for a down payment, you could be stuck w/ this property if you find your job location changes, or your lifestyle desires change. And renting out your property doesn't always recoup your mortgage payments, etc. I'm 21 as well and wouldn't even dream of being saddled with the huge ball and chain that is home ownership in the near or somewhat distant future.

Yankeesfan · 07-17-2009, 05:33 PM

Yes, I agree, no need to rush, work on building your finances so you'll have a good credit rating, some savings, and a down payment.