Should I buy or rent a condo in Falls Church, VA?

By
Real Estate Agent with Century 21 Redwood Realty, Arlington Virginia

In Northern Virginia, especially inside the beltway places like Falls Church VA, it has typically been cheaper to rent than to buy unless you have a hefty down payment of 20% or more saved up.  But now, with a combination of falling values in several condo communities along with historically low interest rates, it is actually comparable to buy vs. to rent in several condo communities with low down payment, FHA financing.  And if you do have more than 3.5% to put down, buying will be cheaper than renting in most cases in condos priced around $200,000.

5573 Seminary Road #402, Falls Church, VATake for example this Savoy Park condo I have on the market.  It is listed at $199,000.  If you were to rent it, or a typical 1 bedroom/1bath condo, you would likely pay around $1,300 per month - and that payment has no tax deduction.

 If you were to buy it with FHA financing, with only 3.5% down, your PITI payment would only be $1,256.  A small savings, then add the monthly condo fee of $267.82 and you end up slightly higher buying vs. renting - but it is pretty close.   However, you do get to write off the interest you are paying as a tax deduction  and you are a homeowner!   You can decorate it the way you like, and if something breaks, you don't have to wait on your landlord to come help you fix it.  And if you hold onto it for 5 or more years, you are likely to have built a decent amount of equity in it for when you sell.

Contact me if you would like to see this beautiful condo, or discuss if you should buy or rent in Falls Church or surrounding areas.   

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Virginia Fairfax County Falls Church Savoy Park
Groups:
Post Your Properties Here
Bartender, Make it a Double
BananaTude
Agents who want REFERRALS!
ActiveRain MasterMinds
Tags:
buy vs rent

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
86,848
Nancy Pav
Long & Foster - Ashburn, VA
Nancy Pav, Your "GottaHave" Realtor

That looks like a lovely condo.  And, when you own, the landlord can't tell you pets are not allowed

Sep 30, 2011 07:28 AM #1
Ambassador
2,000,339
Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

This listing caught my eye on the side of your blog the other day.  What a great looking Falls Church condo.

Sep 30, 2011 10:55 AM #2
Rainmaker
1,264,129
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Coral - Great buy vs. rent comparison.  I've done a few of these reports and everytime buying is the way to go.

Oct 01, 2011 01:54 PM #3
Post a Comment
Spam prevention
Show All Comments
Rainmaker
262,333

Coral Gundlach

Ask me a question
*
*
*
Spam prevention

Additional Information