Buying first home in Northern Virginia/DC/Maryland area

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Buying first home in Northern Virginia/DC/Maryland area

Dev Paul
Jersey city, New Jersey (NJ) · Member since 2018 · 65 posts · 8 votes

I'm looking to buy a home in Northern Virginia or one of the better Maryland counties. Budget is max 425k, with a monthly mortgage payment, property taxes, insurance and HOA fees (if applicable) not exceeding 1800-2000 per month. Down payment 15-20%. Ideally looking for a new construction and in desirable/clean area for future rental potential. An extra room with separate entrance or a basement with bathroom will be really desirable. I believe SFH will be not possible in this budget, but perhaps a decent townhouse could work. I generally dont like condos for exorbitant HOA fees, but if there is a big condo with less than 250 hoa fees, i can consider that as well. Any suggestions on areas, towns, counties will be much appreciated. Any opinion or pointers on home construction companies such as Ryan homes, Miller and Smith etc?

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
6y

@Dev Paul

The only way you are getting to dc in 45 min from Frederick county is if there is a pandemic or via helicopter.

If you work normal business hours where in dc also is a major factor.

I live in nova and can get on 495 or 395 in under 5 minutes and are 8 miles from DC and my wife works in DuPont and she leaves at 7 am and takes her close to 45 min and an hour at night. Chantilly will be a hike. She does 395 but if your doing 66 I call 666 because that is hell and I don’t wish that commute upon anyone.

You won’t find new construction for that price but can find townhomes one some areas of Annandale, Alexandria (ffx county) that could meet your budget. We live near pine crest which is a large townhouse community that fits your budget.

As Russell mentioned silver spring in md be a good location as well. Russell knows knows his stuff in this area so listen to him.

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  • Vincent A. Cipollone
    Investor · Washington, DC · Member since 2020 · 15 posts · 24 votes
    6y

    How far are you looking to be from DC? The HOA fees generally get lower the further out you go, but if you are working in the city, then you will have to deal with DC traffic, especially from Virginia on 395. With your price point, I think Maryland (Prince Georges County and maybe some Montgomery County) are more up your alley.

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  • Dev Paul
    OP
    Jersey city, New Jersey (NJ) · Member since 2018 · 65 posts · 8 votes
    6y

    Thanks for replying. My brother lives in Chantilly, Va, so anywhere in the vicinity of that-will be ideal, but im willing to go up until 45 minutes-1hr away from DC. What about Frederick county?

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y

    You arnt Getting new construction in a desirable rental location at that price point. At that price, Id be looking at Silver Spring along the georgia ave corridor for a desirable rental location. 

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  • Account Closed
    Real Estate Agent · Washington, DC · Member since 2018 · 14 posts · 14 votes
    6y

    Are you going to live in this house? Or is it a rental property? If you're going to live in it, then I would use your potential commute to work to narrow down what areas you search in. 

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  • Dev Paul
    OP
    Jersey city, New Jersey (NJ) · Member since 2018 · 65 posts · 8 votes
    6y

    Yes, as of now, im planning to live myself, but in the long term it will be more of rental property. I work in a business where i can work from home for the most part. So, anywhere in the greater DC area as long as its not too remote works for me.

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    6y

    @Dev Paul

    The only way you are getting to dc in 45 min from Frederick county is if there is a pandemic or via helicopter.

    If you work normal business hours where in dc also is a major factor.

    I live in nova and can get on 495 or 395 in under 5 minutes and are 8 miles from DC and my wife works in DuPont and she leaves at 7 am and takes her close to 45 min and an hour at night. Chantilly will be a hike. She does 395 but if your doing 66 I call 666 because that is hell and I don’t wish that commute upon anyone.

    You won’t find new construction for that price but can find townhomes one some areas of Annandale, Alexandria (ffx county) that could meet your budget. We live near pine crest which is a large townhouse community that fits your budget.

    As Russell mentioned silver spring in md be a good location as well. Russell knows knows his stuff in this area so listen to him.

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  • Dev Paul
    OP
    Jersey city, New Jersey (NJ) · Member since 2018 · 65 posts · 8 votes
    6y

    Thanks everyone for your replies. I was looking at some new construction homes in Manassas, Va and Beltsville, MD, which seemed to be in my budget. Rest, im still researching.

    @Chris as I mentioned, i work mostly from home, so commute is not an issue. Where exactly is your community?

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  • Sudhanshu Singha
    Investor · Colonial Heights, VA · Member since 2015 · 78 posts · 53 votes
    6y

    @Dev Paul If you are willing to go down further south to Fredericksburg you will be able to able to buy brand new SFR or townhome from RYAN Homes/Stanley Martin within your price range. They are building new 95 express lanes which should go down to Fredericksburg or near it and once that is done you should be able to make it to D.C within an hour.

    I would recommend checking out The Landing at Central Park in Fredericksburg. You can get a brand new stanley martin townhome for around 330k there and the location is very convenient due to close proximity of retail and grocery nearby.

    Another nice subdivision further north is Potomac Shores. I think you might be able to find/negotiate a Ryan homes townhouse down to 400-425k. The area is very nice and will be the first residential subdivision in Virginia to include a VRE station as part of the development. Because of that reason it should be in high demand for future renters since the VRE has stops in crystal city (future amazon HQ) and D.C (Federal Employees).

      1Reply
    1. David Fernandez
      Real Estate Agent · Vienna, VA · Member since 2016 · 289 posts · 253 votes
      6y

      Hi @Dev Paul,

      If I understand correctly, you would want to purchase a property for less than $425k in NOVA or the greater DC area that you can house hack for the time being and convert to a rental in the future, correct? 

      I will consider a townhome with low HOA fees in the Reston/Herndon area. It is a very desirable location, close to new business and the IAD airport, plus offers easy access to the Dulles toll road and there is a metro line that can take you to DC in ~45-50 min (although you work from home, your tenant pool and what you can charge for rent will be considerably higher thanks to easy commuting options).

      Some of my clients have bought in that area for less than $400k (you can find properties in the low $300s if you are willing to put some work on the properties). We targeted properties with 3+ bedrooms, basement with separate entry and full bathroom. Depending on the location and the condition of the property, you can rent each room for $800-$900/month, so two roommates pretty much eliminate all your housing costs. You can also Airbnb (when allowed) rooms for $70-$100/night targeting airport/business travelers. These properties are not new construction, but their ROI is quite good for a property in NOVA that you want to house hack.

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    2. Dev Paul
      OP
      Jersey city, New Jersey (NJ) · Member since 2018 · 65 posts · 8 votes
      6y

      Thanks so much for your replies. This is very helpful. 

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    3. Ika Sargeant
      Real Estate Agent · Reston, VA · Member since 2017 · 296 posts · 163 votes
      6y

      @Dev Paul this seems like an old post. If you a re still looking: new construction in Northern Va has been gone up in the last three years. Townhouses are north of 600K and Reston prices even higher. Would be happy to share new construction if you want.

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    4. Dev Paul
      OP
      Jersey city, New Jersey (NJ) · Member since 2018 · 65 posts · 8 votes
      6y

      Well, what about certain pockets in Manasas, VA or as others have pointed out certain places in MD which could fit the bill. I'm aware that in fairfax, arlington and even loudon, new town homes are not less than 500k-650k, but im open to little away from these areas as i mentioned earlier.

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    5. Sudhanshu Singha
      Investor · Colonial Heights, VA · Member since 2015 · 78 posts · 53 votes
      6y

      @Dev Paul You can find brand new townhomes for under 425k in Manassas, Va. That also would not be too far of a drive from your brother in Chantilly, Va either. Check out the townhomes from Stanley Martin at "The Landing at Cannon Branch" and "Drees Homes at Signal Hill Crossing". You should definitely be able to negotiate a townhome for under 425k in either of those communities in Manassas, Va.

      With the current Covid-19 crisis companies are starved for cash so I definitely think you can get a bigger discount on any move-in-ready home home rather than building from scratch.

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    6. Heather SkowronskyPro Member
      Real Estate Agent · Manassas, VA · Member since 2013 · 118 posts · 63 votes
      6y

      @Dev Paul there are definitely townhomes in Manassas (and surrounding areas) for that price range and the rental market here is strong too.   We have some really excellent schools in the area and that keeps the rental market thriving here.  Additionally, we don't have many rentals in the area so you should have a very easy time renting out a home.  Let me know if you need help looking.

      0Reply
    7. Adrienne Green
      Real Estate Consultant · Chattanooga, TN · Member since 2018 · 384 posts · 330 votes
      6y

      Hi @Dev Paul! It sounds like you're flexible on location, and don't have to commute in to DC, so I think there are a few options for you to find a promising townhouse in your price range. Manassas, as mentioned by prior comments, is a potential, as are places along 66 further west. 

      You mentioned Frederick county, and people are liking the affordability of housing in the Winchester area, and the return on investment there. I was recently speaking with a friend who's a property manager out there, and she said townhouses were her personal preference for investment properties in that area. She said they're at a price point for rentals where there's a lot of demand.

      As far as different construction companies, around here everyone I talk to says there's no major difference between the companies. In terms of construction quality, the company doesn't make a difference, the team that does the work on your house, and the quality of work that team does, is the deciding factor.

      I hope that helps!

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