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Buying a Condo Vs Renting: Which is Better?
When it comes to choosing between buying or renting a condo, there are a number of factors to consider. On one hand, buying a condo can be a good long-term investment, but it comes with high upfront costs and a lack of flexibility.
On the other hand, renting a condo offers flexibility and low upfront costs, but you will not have control over the space and you will not be building any equity. In this article, we will delve into the pros and cons of both buying and renting a condo, so you can make an informed decision that aligns with your personal circumstances and priorities.
Buying a Condo: Pros and Cons
Buying a condo or renting one both have their own set of pros and cons.
One major pro of buying a condo is that it can be a good long-term investment. As you make mortgage payments, you are building equity in the property, which can be valuable if you decide to sell in the future. Additionally, owning a condo can provide a sense of stability and permanence that can be difficult to achieve when renting.
Another pro of buying a condo is that you have more control over the property. As a homeowner, you have the freedom to make changes to the space as you see fit, whether that means painting the walls, replacing the flooring, or remodeling the kitchen.
On the other hand, one of the main cons of buying a condo is the high upfront costs. In addition to the down payment and closing costs, there are also ongoing expenses such as property taxes, insurance, and maintenance costs. These expenses can add up quickly and may be difficult for some people to afford.
Another con of buying a condo is the lack of flexibility. When you own a property, you are tied to it for the long term, which can be a problem if you need to move for work or personal reasons. Additionally, if you are unable to make your mortgage payments, you risk losing your home to foreclosure.
Renting a Condo: Pros and Cons
Renting a condo, on the other hand, has its own set of pros and cons.
One major pro of renting a condo is the lack of upfront costs. There is typically no down payment required when renting, and you may be able to move in with just the first and last month’s rent and a security deposit. Additionally, you will not be responsible for property taxes, insurance, or maintenance costs.
Another pro of renting is the flexibility it offers. If your job or personal circumstances change, you can simply give notice and move to a different rental property. Additionally, you will not be responsible for any major repairs or renovations that need to be made to the property.
One con of renting a condo is the lack of control you have over the space. As a renter, you will be limited in the changes you can make to the property, and you may need to get permission from the landlord before making any modifications. Additionally, you will not be building any equity in the property.
Another con of renting is that you will be at the mercy of the landlord when it comes to rent increases. If the landlord decides to raise the rent, you will have to either pay the increased amount or find a new place to live.
Buying vs. Renting a Condo – Which is Right for You?
In conclusion, whether you decide to buy or rent a condo depends on your personal circumstances and priorities. Buying a condo can be a good long-term investment, but it comes with high upfront costs and a lack of flexibility. Renting a condo, on the other hand, offers flexibility and low upfront costs, but you will not have control over the space and you will not be building any equity.
It is important to weigh the pros and cons and consider your long-term plans before making a decision. If you’re still not 100% sure, Jessica Bush can help you put together a plan that best fits you. As one of Northern Virginia’s top-producing real estate agents, she is uniquely familiar with the diverse areas and housing situations that are offered here.
Benefits of Buying a Townhouse
Townhouses, also known as townhomes or row houses, are a type of dwelling that is similar to a house but is attached to one or more other houses in a row, forming a terrace or row of houses. They are typically found in urban or suburban areas and are often seen as a more affordable alternative to single-family houses.
What is a Townhouse?
A townhouse is a type of dwelling that is similar to a house but is attached to one or more other houses in a row, forming a terrace or row of houses. Townhouses are typically found in urban or suburban areas, and they may be owned or rented. Townhouses are usually multi-story structures, with living spaces on the upper floors and either a garage or street-level entrance on the lower floor. They may be part of a larger development, or they may be standalone buildings. Townhouses are often seen as a more affordable alternative to single-family houses, and they may offer the benefits of shared walls, which can provide increased privacy and security.
Benefits of Townhouses
One of the main benefits of townhouses is their size and layout. Townhouses are usually multi-story structures, with living spaces on the upper floors and either a garage or street-level entrance on the lower floor. This layout can be especially appealing for small families or couples who don’t need a lot of space and want to minimize the amount of time spent on maintenance and upkeep. Townhouses also tend to have smaller yards than single-family houses, which can be a plus for people who don’t have the time or inclination to take care of a large outdoor space.
Another benefit of townhouses is the sense of community they can provide. Many townhouse developments include shared amenities such as pools, fitness centers, and playgrounds, which can be a great way for residents to socialize and get to know their neighbors. Townhouses can also be a good choice for people who value a sense of community but don’t want to live in an apartment complex.
In addition, townhouses may offer increased privacy and security compared to apartments. Because townhouses are attached to other houses, they often have shared walls, which can provide an added layer of protection. They may also have gated entrances or security systems, which can give residents peace of mind.
Townhouses can also be a good choice for people who want a more convenient and low-maintenance lifestyle. Many townhouses come with homeowners’ associations (HOAs) that handle maintenance tasks such as landscaping, snow removal, and exterior repairs. This can be especially appealing for people who don’t want to spend their weekends mowing the lawn or shoveling snow.
Another potential benefit of townhouses is their location. Because they are often found in urban or suburban areas, townhouses can offer easy access to amenities such as restaurants, shopping, and entertainment. They may also be located near public transportation, which can be a plus for people who don’t have a car or who want to reduce their carbon footprint.
Drawbacks of Townhouses
There are a few potential drawbacks to townhouses as compared with other types of homes:
Limited space: Townhouses may not offer as much living space as a single-family house, especially if you need multiple bedrooms or want a large yard.
Shared walls: Townhouses are attached to other houses, which means you may have shared walls with your neighbors. This can be a benefit in terms of security and privacy, but it can also mean less control over noise levels and less natural light.
Homeowners’ associations: Many townhouse developments have homeowners’ associations (HOAs) that handle maintenance tasks and enforce certain rules and regulations. While this can be convenient, it can also mean that you have less control over your living environment and may have to pay additional fees for HOA services.
Limited ability to customize: Because townhouses are attached to other houses, you may have less freedom to make changes to the exterior of your home or to undertake major renovations.
Resale value: Townhouses may not always appreciate in value at the same rate as single-family houses, especially in areas where there is a high demand for larger homes.
That being said, these drawbacks may not be a concern for everyone, and townhouses can still be a good choice for people who value the benefits they offer, such as a sense of community, convenience, and security.
7 Steps to Finding the Best Townhome for You
Here are some steps you can follow to find and choose the best townhouse for you:
1. Determine your budget
Before you start looking for a townhouse, it’s important to determine how much you can afford to spend. Consider factors such as your income, debts, and any down payment you have saved up. You may also want to consider whether you will be able to afford the ongoing expenses of owning a townhouse, such as homeowners’ association fees, insurance, and property taxes.
2. Consider your location preferences
Think about the location you want to live in and the type of neighborhood you prefer. Do you want to be close to work, school, or other amenities? Do you want to live in a more urban or suburban area?
3. Research different townhouse communities
Look for townhouse communities in the locations you are interested in and research the amenities and features they offer. Consider factors such as the age of the development, the quality of the construction, and the maintenance and repair history of the units. You may also want to consider whether the community has a homeowners’ association and what kinds of rules and regulations it has in place.
4. Tour several townhouses
Once you have a list of potential communities, visit each one and tour several townhouses to get a sense of the layout, size, and overall condition of the units. Pay attention to details such as the quality of the finishes, the condition of the appliances, and the size of the yard (if applicable).
5. Compare your options
After touring several townhouses, compare your options and consider which one is the best fit for your needs and budget. Take into account factors such as the location, size, layout, and overall condition of the units, as well as any additional amenities or features that are important to you.
6. Get a home inspection
Before you make an offer on a townhouse, it’s a good idea to have a home inspection to identify any potential problems or issues that may need to be addressed. A home inspector will be able to assess the overall condition of the unit and identify any areas that may need repair or maintenance.
7. Negotiate and make an offer
If you find a townhouse you want to purchase, you will need to make an offer to the seller. Be prepared to negotiate on the price and any other terms of the sale. It’s a good idea to work with a real estate agent or lawyer to help you through the process.
By following these steps, you should be able to find and choose the best townhouse for you.
Conclusion
Overall, townhouses can be a great housing option for people who want a combination of affordability, community, convenience, and security. While they may not offer the same level of space and privacy as a single-family house, they can be a good choice for people who value a more urban or suburban lifestyle and are willing to trade off some square footage for the benefits that townhouses offer.
If you’re ready to find the perfect townhouse for the next chapter of your life, contact Jessica Bush today, to get started!
Moving to Northern Virginia – The Definitive Guide
Are you considering moving to Northern Virginia? With its diverse communities, thriving economy, and close proximity to Washington, D.C., it’s no wonder that Northern Virginia is a popular destination for those looking to relocate. Whether you’re moving for a new job, to be closer to family, or just for a change of scenery, Northern Virginia has something to offer.
However, moving to a new place can be overwhelming, so it’s important to do your research and plan ahead to ensure a smooth transition. In this article, we’ll provide tips and advice on how to make the most of your move to Northern Virginia, including how to research different neighborhoods, create a budget, and get to know your new community.
1. Research different areas of Northern Virginia
When moving to a new place, it’s important to research the different areas and neighborhoods to find the one that best fits your needs and budget. Northern Virginia is a large region with many suburbs and neighborhoods to choose from, so it’s worth taking the time to explore your options.
Here are some of the more popular areas to consider when moving to Northern Virginia:
Arlington
Located just across the Potomac River from Washington, D.C., Arlington is a popular choice for those who want to be close to the city. The area has a mix of apartments, townhomes, and single family homes, and is known for its diverse population and good schools.
Alexandria
Located just south of Arlington, Alexandria is another popular choice for those who want to be close to D.C. The city has a mix of historic neighborhoods, modern apartment buildings, and suburban communities. It’s known for its lively downtown area, which is home to a variety of shops, restaurants, and entertainment options.
Fairfax
Located further west of Arlington and Alexandria, Fairfax is a more suburban area with a mix of apartments, townhomes, and single-family homes. It’s home to George Mason University and is known for its good schools and parks.
Loudoun County
Located in the northern part of the region, Loudoun County is a more rural area with a mix of small towns and suburban communities. It’s known for its wineries and outdoor recreation opportunities and is a popular choice for families.
These are just a few of the main areas to consider when moving to Northern Virginia. There are many other neighborhoods and suburbs to choose from, so it’s worth taking the time to research your options and find the one that best fits your needs and budget.
2. Find a place to live
Going hand in hand with item #1 above comes finding an actual home to rent or buy. There are many options for housing in Northern Virginia, including apartments, townhomes, and single-family homes.
Here are some things to consider when looking at some different homes and areas in Northern Virginia:
- Commute time: If you’ll be commuting to work or school, think about how long it will take to get there from different neighborhoods. Consider factors like traffic and public transportation options.
- Access to amenities: Think about the types of amenities you value most, such as good schools, shopping centers, parks, and entertainment options. Look for areas that have these amenities within easy reach.
- Cost of living: Northern Virginia has a high cost of living compared to some other parts of the country, so it’s important to consider your budget when choosing a place to live. Look for areas that offer good value for your money.
- Safety: Consider the overall safety of different neighborhoods when deciding where to live. Look for areas with low crime rates and a sense of community.
3. Create a moving budget for your move to Northern Virginia
Moving can be expensive, so it’s important to create a budget and stick to it. Here are some steps you can follow to create a budget for your move:
Make a list of all the expenses you’ll need to budget for
Start by making a list of all the expenses you’ll need to budget for during your move. This can include things like rent, utilities, transportation costs, packing materials, moving truck rentals, and any other costs associated with your move.
Determine how much money you have available
Next, figure out how much money you have available to spend on your move. This can include savings, money from the sale of your current home (if applicable), and any other sources of income.
Set a budget for each expense
Once you have a list of expenses and an idea of how much money you have available, set a budget for each expense. Consider what you can afford to spend and try to allocate your money wisely.
Track your spending
As you start to incur expenses during the moving process, keep track of your spending and compare it to your budget. This will help you stay on track and make adjustments as needed.
Plan for unexpected expenses
It’s always a good idea to plan for unexpected expenses when moving to a new place. Try to set aside a small amount of money in your budget to cover any unexpected costs that may come up.
By following these steps, you can create a budget that will help you stay organized and on track during the moving process. Remember to review and adjust your budget as needed to ensure that you have enough money to cover all the expenses involved in your move.
4. Find a job (or arrange a job transfer)
The honest truth is that for many of us, this would be step 1, and if we weren’t able to find a job, none of the other steps would ever even happen. Northern Virginia has a diverse economy with many job opportunities. Start searching for a job before you move to ensure that you have steady income when you arrive.
Some options to consider when trying to secure new employment in NOVA include:
Online job websites
There are many websites that list job openings in the Northern Virginia area, such as Indeed, LinkedIn, and Glassdoor. You can use these sites to search for jobs by location, industry, and job type.
Local job fairs and career events
Check out local job fairs and career events in the Northern Virginia area. These events can be a great way to meet potential employers and learn about job opportunities in the region.
Networking
Networking can be a powerful tool when looking for a job. Reach out to your professional connections in the Northern Virginia area and ask if they know of any job openings or can make introductions for you.
Local companies and organizations
Consider reaching out to local companies and organizations in the Northern Virginia area to inquire about job openings. This can be a good way to learn about job opportunities that may not be advertised elsewhere.
Temporary staffing agencies
If you need to find a job quickly, temporary staffing agencies can be a good resource. These agencies can help place you in a temporary job while you search for a permanent position.
By using a combination of these resources, you can increase your chances of finding a job in Northern Virginia. Good luck with your job search!
5. Get to know your new home – explore all that Northern Virginia has to offer!
Once you move to Northern Virginia, take some time to explore your new neighborhood and get to know the area. There are many noteworthy destinations, restaurants, and entertainment venues to explore and check out when getting to know Northern Virginia.
Here are a few ideas:
Destinations:
- The National Mall: This iconic national park in Washington, D.C. is just a short drive from Northern Virginia and offers a variety of sights and attractions, including the Washington Monument, the Lincoln Memorial, and the Smithsonian museums.
- Mount Vernon: Located just south of Alexandria, Mount Vernon was the home of George Washington and is now a popular tourist destination. Visitors can tour the historic mansion, gardens, and grounds, and learn about the life and legacy of America’s first president.
- Great Falls Park: Located in nearby McLean, Great Falls Park is a beautiful spot to hike, picnic, and enjoy the outdoors. The park features hiking trails, picnic areas, and scenic overlooks of the Potomac River.
Restaurants:
- Old Town Alexandria: Old Town Alexandria is a historic neighborhood with a variety of restaurants, cafes, and bars to choose from. Try out one of the local seafood restaurants or grab a drink at one of the many craft breweries in the area.
- Mosaic District: Located in Fairfax, the Mosaic District is a popular dining and shopping destination with a variety of restaurants to choose from. From Korean BBQ to artisanal pizzas, there’s something for everyone.
Entertainment venues:
- Wolf Trap National Park for the Performing Arts: Located in nearby Vienna, Wolf Trap National Park for the Performing Arts is a popular venue for concerts, theater, and dance performances. The park features an indoor theater as well as an outdoor amphitheater, and hosts a wide range of performances throughout the year.
- The Filene Center: Located at Wolf Trap National Park, the Filene Center is an outdoor amphitheater that hosts concerts and performances during the summer months. Past performers have included artists like Bob Dylan, Bruno Mars, and John Legend.
- The John F. Kennedy Center for the Performing Arts: Located in Washington, D.C., the JFK Center is a premier venue for theater, music, and dance performances. The center hosts a wide range of performances throughout the year, including concerts, plays, and ballets.
- These are just a few of the many destinations, restaurants, and entertainment venues to explore and check out when getting to know Northern Virginia. Whether you’re interested in history, the arts, or just trying new foods, there’s something for everyone in this vibrant and diverse region.
Moving to Northern Virginia can be an exciting and rewarding experience, but it’s important to do your research and plan ahead to ensure a smooth transition. By following these tips, you can make the most of your move to Northern Virginia and start your new chapter in this vibrant and diverse region. If you’re ready to begin putting some plans to paper, contact Jessica Bush today! As one of the best real estate agents in the area, she can help you start putting a plan together that will fit the needs of you and your family.
Guide to Living in Fairfax, Virginia
Fairfax, Virginia is a city located in Northern Virginia, just outside of Washington, D.C. It is a popular place to live for people who work in the D.C. metropolitan area, as it is well-connected to the city by public transportation and major highways. Fairfax is known for its good schools, diverse population, and rich history. It’s also a vibrant and welcoming city with a variety of things to see and do.
What Are the Best Things to Do in Fairfax, Virginia?
Here are some of the best things to do in Fairfax:
1. Visit the National Firearms Museum
This museum is home to one of the largest collections of firearms in the world. It features a wide range of weapons, from antique guns to modern firearms, and tells the story of their role in history.
2. Explore the George Mason University Campus
George Mason University is a large public research university located in Fairfax. The campus is home to a number of interesting buildings, including the Fenwick Library, which is known for its distinctive pyramid shape. There are also several outdoor sculptures and art installations on campus.
3. Go hiking in the Fairfax County Park Authority
Fairfax County is home to a number of beautiful parks and outdoor recreation areas, including the Fairfax County Park Authority. There are over 400 miles of trails in the Park Authority, offering opportunities for hiking, biking, and horseback riding.
4. Learn about local history at the Fairfax Museum and Visitor Center
This museum tells the story of Fairfax County’s history, from its founding in the 18th century to the present day. Exhibits include artifacts, photographs, and interactive displays.
5. Enjoy the arts at the Fairfax Symphony Orchestra
The Fairfax Symphony Orchestra is one of the region’s premier classical music organizations. It offers a range of concerts and performances throughout the year, including classical, pops, and family-friendly shows.
These are just a few of the many things to do in Fairfax. With its rich history, beautiful parks, and vibrant arts scene, there is something for everyone in this city.
What is the Cost of Living in Fairfax, Virginia?
Fairfax has a reputation for being an expensive place to live. According to data from the Council for Community and Economic Research (C2ER), the cost of living in Fairfax is significantly higher than the national average. The city has a cost of living index of 134.4, which means that it is 34.4% more expensive to live in Fairfax than the average U.S. city. This is primarily due to the high cost of housing in the city, which has an index of 237.8, more than twice the national average.
One factor that contributes to the high cost of housing in Fairfax is the city’s location in the Washington, D.C. metropolitan area. This region is known for its high demand for housing and its limited supply, which drives up prices. Other cities in the D.C. metropolitan area, such as Arlington, Alexandria, and Bethesda, have similarly high housing costs.
The cost of living in Fairfax is also influenced by the city’s high median household income, which is $121,250 according to the U.S. Census Bureau. This is significantly higher than the national median of $68,703, and it means that residents of Fairfax tend to have more disposable income to spend on housing, food, and other necessities.
Other expenses in Fairfax, such as healthcare, transportation, and utilities, are also higher than the national average. However, the city does have some lower-cost areas, such as groceries and miscellaneous goods and services, which helps to balance out the overall cost of living.
When compared to other cities around the country, Fairfax has a similar cost of living to other high-priced cities, such as Boston, New York, and San Francisco.
Transportation Options for Living in Fairfax, Virginia
Transportation is an important consideration for anyone living in Fairfax, Virginia. The city is easily accessible by car, with several major highways running through the area. These highways include I-66, which runs east-west through the city, and the Capital Beltway (I-495), which surrounds the city and connects it to other areas in the region. In addition, several other major roads, such as Route 50, Route 29, and Route 123, provide access to Fairfax and the surrounding areas.
For those who prefer public transportation, Fairfax is served by the Washington Metropolitan Area Transit Authority (WMATA). WMATA operates a bus and subway system that connects the city to other areas in the region, including Washington, D.C., Arlington, Alexandria, and Bethesda. The city is served by several bus routes, as well as the Orange Line of the WMATA subway system, which has a station in Fairfax. The subway system is a convenient way to travel to other parts of the region, and it is especially useful for commuting to work in D.C. or surrounding areas.
Overall, transportation in Fairfax is relatively convenient and easy to navigate, whether by car or public transportation. The city’s many major roads and its connection to the WMATA system make it easy for residents to get around and access other parts of the region.
What’s the Climate Like in Fairfax?
Fairfax has a humid subtropical climate, which is characterized by hot, humid summers and cold winters. The city is located in the mid-Atlantic region of the United States, and it experiences a range of weather conditions throughout the year.
In the summer months, temperatures in Fairfax can reach the mid to high 80s Fahrenheit, with high humidity levels. The city experiences frequent thunderstorms during the summer, which can bring heavy rainfall and occasional severe weather.
In the winter months, temperatures in Fairfax can drop to the 30s and 40s Fahrenheit, and the city can experience occasional snowfall. The area typically sees about 15 inches of snow per year, which can lead to slippery road conditions and other weather-related disruptions.
Overall, the climate in Fairfax is generally mild, but it can experience extreme temperatures and weather conditions at times. It is important for residents to be prepared for a range of weather conditions and to take precautions to stay safe during extreme events.
Pros and Cons of Living in Fairfax
Pros of living in Fairfax, Virginia:
- Good location: Fairfax is located in the Washington, D.C. metropolitan area, which provides easy access to the city and other areas in the region.
- High-quality schools: Fairfax is known for its good schools, with a number of highly rated public and private options.
- Diverse population: The city has a diverse population, with a mix of different races, cultures, and ages.
- Plenty of amenities: Fairfax has a range of amenities, including shopping centers, restaurants, and cultural attractions.
- Close to outdoor recreation: The city is located near a number of parks and outdoor recreation areas, including the Fairfax County Park Authority.
Cons of living in Fairfax, Virginia:
- High cost of living: Fairfax has a higher-than-average cost of living, particularly when it comes to housing costs.
- Traffic: The city can experience heavy traffic, especially during peak commute times.
- Limited public transportation options: While Fairfax is served by the Washington Metropolitan Area Transit Authority (WMATA), some residents may find the public transportation options to be limited.
- Limited housing options: The high demand for housing in the city can make it difficult to find a suitable home at an affordable price.
- Occasional extreme weather: Fairfax can experience extreme weather conditions, including heavy snowfall in the winter and severe thunderstorms in the summer.
Summary: Life in Fairfax
Fairfax, Virginia has good schools, a diverse population, and a range of amenities. However, it also has a higher-than-average cost of living, particularly when it comes to housing costs, and it can experience traffic congestion and extreme weather conditions. Potential residents should carefully consider all of the pros and cons before deciding to move to Fairfax.
How Much Does It Cost to Live in Northern Virginia?
Introduction
Situated next to Washington D.C., Northern Virginia is made up of equestrian farms, rambling homesteads, and a touch of colonial times. The beautiful blend of chic shops and significant historical gems give Northern Virginia its character. Some of the most notable landmarks of this region include the Pentagon (the headquarters of the US department of defense), and the CIA. Popularly known as “NOVA”, Northern Virginia is an ideal choice for someone who is intrigued by diversity and also cherishes natural beauty.
Apart from popular spots such as the Great Falls Park, which is a popular natural destination visited by tourists from across the globe and Shenandoah National Park, home to panoramic views and wilderness, there are several compelling local experiences to be had. In addition, since the local economy shows signs of strength, the job and business opportunities remain strong throughout the Northern Virginia suburbs of D.C. This makes it easier for families looking for houses to move here.
So, whether it is the diversity, opportunity, or accessibility to Washington D.C., you can find it all in Northern Virginia. Having said all of that however, what is the cost of living in Northern Virginia?
What is the Cost of Living Index?
To understand the cost of living in Virginia, we must try to first understand what the cost of living index is. When it comes to real estate, inflation plays a vital role sometimes. The cost of living estimate (or “COL”) generally includes the costs for housing, food, medical care, energy consumption, travel expenses, taxes and other necessities.
In other words, the cost of living index is the estimation of the costs of all the basic necessities required by an individual to live comfortably. People who tend to move from one city, state, or country to another, take note of the costs of living in that particular location, and the cost of living index provides general guidelines that you can use in planning. So, if you plan to move within or relocate to Northern Virginia, thinking about the cost of living index may help you determine whether or not moving is in your best interest.
What’s the Average Cost of Living for a Family in Northern Virginia?
You have to consider several aspects when it comes to relocating to a new city, state or country, and cost of living is a crucial one. And since there are several cities and counties within Northern Virginia, the cost of living tends to vary.
In general, the cost of living in Northern Virginia is relatively high. Having said that however, it may be safe to say that the price tags in some urban areas of NOVA are comparatively lower than other cities along the Eastern Seaboard, such as New York.
Another thing to keep in mind is that if you’re living in rural areas, some prices and expenses may be lower than locations that are squarely within the major metro areas. There are several reasons why the cost of living in Northern Virginia is sometimes considered quite high.
1. A Thriving Real Estate Market
NOVA is home to high-rise buildings, condominiums and townhouses. Fairfax County in particular is the second largest suburban office market in the US. And, there is a wide spectrum of housing options and opportunities.
2. Excellent Education Facilities
Northern Virginia boasts first-rate educational institutions, including some of the most sought-after public schools and higher education institutes.
3. Outstanding Healthcare
Remarkable healthcare facilities are often a sign of a growing economy, which almost always correlates with strong market demand. With over 5,000 physicians practicing in Northern Virginia, the healthcare services are considered top-notch. The areas are served by some of the best and most highly-ranked hospitals.
4. Fantastic Transportation Facilities and Infrastructure
Reagan National Airport and Dulles International Airport are the two major airports in NOVA. Northern Virginia is also connected by Metrorail and the commuter rail system. There are also two highway systems in the region.
Approximate Cost of Living
Let’s take a look at what the cost of living in Fairfax, one of the key cities in the region would be like. According to bestplaces.net, the estimated cost of living index in Fairfax is 148.2, which is 48.2% higher than the national average. This makes it one of the most expensive cities in the US. It is also important to note, however, that the median household income of Fairfax is $116,979, which is 57% higher than the state median. For an individual living in Fairfax, the median income is 40% more than the state median, which stands at $55,126.
Therefore, when you’re moving to or within Northern Virginia, especially to one of the bigger areas, you should consider:
- Daily expenses
- Groceries
- Utilities
- Medical expenses
- Transportation
- Housing costs
- Insurance
Does Virginia Have Affordable Housing?
As per the cost of living index stated by bestplaces.net, the state of Virginia scores 104.2, which is based on the US average of 100. What this tells us is that the cost of living in Northern Virginia is higher than the average. Having said that, these costs may differ from one region to another and Virginia might be less costly than other East coast cities.
When relocating to Northern Virginia, you can expect the housing costs to be your biggest expense, with a median house costing $258,400. As compared to the national median home cost, which is $231,200, this is a fair amount higher. And the median home cost throughout the state is $258,400, with a 4% increase in home appreciation.
What Factors Are Included in Estimating the Cost of Living
1. Utility Costs
Although the cost of living is higher in Northern Virginia, you might be able to save on your utility costs. Average electricity and natural gas costs are $125 and $72 per month respectively, and $60 for the internet.
2. Transportation and Food Costs
A 7-day regional bus pass costs $17.50 while the food expenses are likely to cost an average of $300 per month.
3. Medical Costs and Taxes
The national average cost of health insurance for a 40-year-old is expected to be around $495 a month, and anyone earning a taxable income of more than $17,000, can expect an income tax rate of 5.75% in Virginia.
Ready to Move?
Considering all the expenses that determine the cost of living in Northern Virginia, it is always advisable to seek help from a professional realtor in the home-buying process. Working with someone experienced, who can help you navigate through Northern Virginia’s housing market, will help you find the best property for you, and negotiate the absolute best possible deal. Contact Jessica Bush to get started today!
Condo Vs House: Which is a Better Investment?
For the average American, investing in real estate has historically been one of the most surefire ways of earning a positive return.
Within real estate, however, there are several alternatives to consider, such as a single-family home (the most common), a multi-unit home, a condo, and so on. Before purchasing anything, however, partner with a qualified realtor to streamline the process and make sure you are getting the best deal possible.
Let’s compare the two most purchased property types: a condo and a house. Although there are many similarities, there are also key differences between a house and a condo. So, which one is a better investment for you?
Read on to find out.
What Exactly is a Condo or Condominium?
The term condominium is derived from the Latin words “con” (meaning “together”), and “dominium” (meaning the “right of ownership”). A condo or condominium is a privately owned unit in a series of multiple units. In simple terms, it is an apartment in a society or complex. Under it, the common areas like the stairs, walkways, walls, floors, and outdoor spaces are shared or jointly owned. The outdoor areas usually include parking spaces, a clubhouse, a gym, swimming pools, etc. All these are kept up and maintained by an HOA (or Home Owners Association).
Condos are usually compact and have smaller square footage as compared to houses. Now that we have used the term house, let’s get acquainted with the concept of a house.
What is a House?
A suburban home surrounded by trees with a lawn to mow is what most people think of when they hear the word “house.” But obviously, a house, or “single family home” can have any aesthetic or look. The important distinction here is that It is a free-standing residence separated from other residential structures by its own four walls. Most houses also have a yard or a garage.
Condos vs. Houses: Key Differences
Condos and houses are both types of residential properties owned by individuals and both require a property tax. Apart from this, almost everything about the two property types differ. Below are the key differences between condos vs house:
1. Cost
The costs of buying a condo vs a house are vastly different. Condos are almost always less expensive than a house in the same market, although location can greatly impact the costs. A condo in a prime neighborhood may actually end up being more expensive than houses.
Another critical aspect to consider when it comes to costs is the HOA fees of maintenance. The outdoors and common areas of condos are maintained by HOA for monthly fees paid by owners. It is essential to know the HOA fees so you are aware of all-inclusive costs when you buy them.
2. Insurance
The insurance is relatively pocket-friendly for condos as quite a lot is covered by HOA. On the other hand, owners of single family homes must pay for insurance on the entire structure–from foundation to roof. In the case of condos, all the exterior aspects are covered by HOA and only the interior needs to be covered by owners.
3. Maintenance
This is one of the major differences between a house and a condo. If you purchase a single family home, you are responsible for the maintenance. You must mow your own lawn, fix things and make repairs for things that are broken all by yourself. In the case of condos, the individual owner simply needs to take care of the interior, while the external areas like recreational areas, streets, stairways and so on are taken care of by the HOA (in exchange for a monthly or annual fee). The building plumbing, water supply, electricity, and garbage disposal are also covered by the HOA.
4. Amenities
In a house, you are solely responsible to install, pay and maintain for the amenities that you want. Whereas in the case of condos, amenities like a pool or gym are jointly funded by the community, which reduces the expense and makes it more affordable to enjoy these perks.
5. Location
Houses are usually located in less densely populated areas and offer more space and better privacy. On the other hand, the nature of condos makes them higher density. Oftentimes, condos are located in more central or higher traffic areas, which comes with less privacy, but may also come with some added convenience.
6. HOA Rules
When it comes to condos, there are some strict rules and regulations, which ought to be followed by owners. These could include rules about having pets, where to park, and so on. If you want to purchase a condo, you should familiarize yourself with the rules first, and only go through with the purchase if you are willing to adhere to them. In the case of houses, there can also be neighborhood HOAs with certain rules, but they are typically less restrictive and offer more autonomy.
7. Selling
Selling a house will most likely be easier than selling your condo. The biggest reason for this is that there are just typically more people that want a single family home. In the case of condos, you will also have to consider the HOA and their restrictions when it comes to prospective buyers. However, selling largely depends on the condition of your house or condo and the listing price.
Condo Vs. House: Lifestyle Pros & Cons
There are positives and negatives to both property types, which can make it difficult to choose. So let’s breakdown some of the pros and cons of condo vs house:
Condo Pros
1. Affordable: One of the major pros of condos that make them a popular choice is their affordable price. Condos are pocket-friendly as compared to houses and can be ideal for first-time buyers.
2. Less Maintenance: In today’s fast-paced world, it can be difficult to find the time or energy to maintain a house. With condos, the majority of the maintenance is outsourced, as the HOA undertakes the property upkeep.
3. More Amenities and Perks Included: With condos, you get access to facilities like a gym, pool, and a clubhouse, for a low price as expenses are shared by the community. If you were to install these perks in your house, it would cost you a fortune!
Condo Cons
1. Fees: The fees charged by the HOA are mandatory, and fixed by the board of directors. Though there are opportunities to vote on certain things, as an individual owner, you have very little say in it, yet you have to pay them annually or monthly without fail.
2. Less Privacy: If privacy is a concern, living in a condo that shares walls with your neighbors would be less than ideal.
3. Rules: You need to adhere to the rules laid down by the HOA, and can’t make abrupt decisions about customizing your condo in certain ways. The rules can even make selling difficult.
Houses Pros
1. Autonomy: You have the freedom to customize and change your house as you want, within the restraints of your local jurisdiction’s ordinances.
2. Privacy and Space: Houses are larger, and offer you more space to call your own. In addition to this, neighbors’ homes are separated, so you won’t have to share walls.
3. Easier to Sell: With no barriers imposed by a third party, you can put your house on sale and usually have more prospective buyers than you would with a condo.
Houses Cons
1. Expensive: As compared to condos, houses are more expensive.
2. Maintenance: Your house is entirely your responsibility. You will have to upkeep the indoors and outdoors, which will take time, effort, and money.
3. Lack of Built-in Community: Sometimes, the pro of privacy can end up turning into a con of isolation. You might miss out on some of the built in social opportunities of having a community so close to you.
Are You Looking to Buy a House or a Condo?
Hopefully, this helps you choose between living in a condo vs living in a house. Each of the two has their own benefits and downsides. So in reality, in the end, it all depends on your preference, and the lifestyle you envision for your next chapter.
We hope you have found an answer to the question: should I buy a condo or a house? And the good news is that no matter which property type you choose, an expert realtor can help you find the perfect fit. Contact Jessica Bush today, to start your home-buying journey the right way.
