1st Time Home Buyer - Condo Buying Advice

[John Park]

Hello All, 

1st time home buyer here - looking mainly in Fairfax/Arlington counties, with loudon being a last resort. With following the 28/36 rule, my income allows me to either purchase a property up to 430K with no HOA fees. However, I'm finding that a lot of these are older townhomes in areas that I don't prefer living in. My next best option would be a 2 bdr condo (for cheaper price + condo fee), which are also a little older, but in better locations of Fairfax county. I would much rather not buy anything less than a 2 bdr, but i'm also seeing 1 bdr condos for about the same price but in nicer areas. My goal is to buy this as my primary place. I would hope the value to appreciate a bit, and at the very least, not depreciate heavily in value over the years. Some advice would be appreciated on the following questions I have:

1. Given that the HOA management is the same, any recommendations on whether I should opt for an older 2 bdr vs a 1 bdr in a nicer area? I've read that buying a 2dr is always the better choice for a condo, but am concerned about the older condo losing value faster than the nicer 1 bdr, since it's newer?

2.  Are there any resources that exist to determine what the fair market price for a condo should be in a particular area?   While I'm worried about condo depreciation, I'm also concerned about over-purchasing for a condo off the bat.  I just don't want to get gouged.  

I probably left out some important info that might be needed to give me a solid answer, so feel free to ask and I shall provide.  

TIA for any advice, and glad to have found this forum.

JP