While some believe in renting while others want to be a home owner. Depending on your financing and other personal situation renting or buying a home in the Northern Virginia Real Estate market will make sense.
Here is the current real estate market situation in 3 different areas in the Northern Virginia area:
Buy or Rent in Reston, Virginia
Assuming the condo has 2 bedrooms, 1 full bath, condo fee of $300 and average annunal taxes of $2000
Average condo rental - $1500 per month.
Average sales price of a condo -$250000
Estimate Monthly mortgage based on 20% downpayment, 4.25% interest rate, $30 per month insurance.
Principle, Interest, Taxes, Insurance + + Condo Fee = $1533.
Conclusion- If the above hypothenical situation works for you, there is not a huge gap between renting and owing a place in Reston Virginia. Not considering other factors it may be worth considering purchasing over renting a condo in Reston Virginia given tax benefits while owing a home.
Buy or Rent in Herndon, Virginia 20171
Assuming the town home has 3 bedrooms, 2 full baths and 1 Car Garage. With HOA dues of $100 and Estimate annunal tax of $4000.
Average town home rental -$2100
Average sales price of a town home-$450000
Estimate Monthly mortgage based on 20% downpayment, 4.25% interest rate, $50 per month insurance.
Principle, Interest, Taxes, Insurance + HOA Fee =$2254
Conclusion- Similar to the Reston the gap between rental and owning a home own is not huge.
Buy or Rent in Ashburn Virginia 20148
Assuming the town home has 3 bedrooms, 2 full baths and 1 Car Garage. With HOA dues of $150 and Estimate annunal tax of $4000
Average town home rental -$2100
Average sales price of a town home-$400000
Principle, Interest, Taxes, Insurance + HOA Fee =$2107
Estimate Monthly mortgage based on 20% downpayment, 4.25% interest rate, $50 per month insurance.
Conclusion-Similar to the Fairfax county areas in Reston and Herndon the gap between renting and owning is very slim.
Consult your lender and/or mortgage consultant to qualify for mortgage programs and monthly payments before making a decision to buy or rent a home in the area.
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