Last Friday afternoon a client of mine closed on an adorable 1939 Cape Cod with 2 beds and 1 bath in a quaint Northside neighborhood. With 10% down and a 15 year term, he ended up with a mortgage payment under $500 a month.
After closing, his realtor Sean Craft with Homes N’ Land took me on a tour of the Northside neighborhoods where many of our clients are purchasing. On almost every street there was a home in the process of being renovated. Sean says the Northside of Richmond is becoming more and more popular with young people buying their first homes:
“When most people think Northside they immediately think Bellevue, Ginter Park, Sherwood Park, and Laburnum Park. What many don’t realize is that the same housing stock at more affordable prices can be found to the East of Chamberlayne Avenue. The names of those neighborhoods trending hot right now are Barton Heights, Ginter Park Terrace, Battery Park, Battery Park Addition, Roland Park, Highland Park, Parkland, Brightwood, and North Richmond Terrace. These are all located in the 23222 zip code.
Having lived in three of these neighborhoods while renovating homes I purchased and sold there, I can say that it is a lovely place to live. There is no better bang for the buck left in the city. Large homes, leafy streets, porches, sidewalks and friendly neighbors. In the last two years this neighborhood has again garnered the attention of those looking for historic homes close to it all. I have recently sold six homes in these neighborhoods and every one of my clients is ecstatic that they purchased here.”
To give you an idea of how much bang you can get for your buck, here are three houses listed for sale right now with an estimated monthly payment based on an FHA loan with a 30 year term.
Estimated Mortgage Payment – $948
Estimated Mortgage Payment – $702
Estimated Mortgage Payment – $1,029
A lot of the 20-somethings are buying these homes on their own and then renting out rooms to friends. A colleague of mine currently rents from her friend in Roland Park:
“I didn’t know much about the Northside of Richmond before I moved there, but what drew my friend to the area was getting the most bang for her buck. The fact that her brother and sister-in-law had recently purchased their house only a few blocks away also had a large influence. The location is great–it’s so easy to get downtown, to the Fan, or out to the West End.
I love having public tennis courts and a pool a short walk away. There are also great parks and beautiful quiet streets for biking. A lot of our friends from our church have bought houses in this area and I would definitely say this is an up-and-coming area for young professionals looking to purchase a first home. On our street, in particular, there are renovations taking place and houses that have already been renovated which leaves plenty of choices for a potential buyer. I am saving up to buy my own home and am already keeping my eye on real estate in this area. You really can’t ask for better prices.”
If you’re interested in learning a little more about homes in the Northside, I recommend calling Sean or your Richmond realtor for a tour of the neighborhood. Think outside of the Fan and use the money you’ll save on that monthly mortgage payment to travel or invest.
Originally posted at www.rvaloanoffiver.com on 11/19/2013.