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Updated almost 4 years ago on . Most recent reply
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Good time to buy an apartment in DC/Northern VA?
Hi All,
I'm trying to make sense of the market right now, specifically in the DC/Northern VA area. Is it a good time to buy an apartment or condo to hold as an investment? I will be in this market for at least 2 years, so I was trying to figure out if buying a studio would be better than renting. I don't have enough savings for a 2-bedroom and therefore would not be able to househack. But I was thinking that I could build up some equity and then rent it out at a premium rent after I move out. Interest rates are low and the are is projected to remain stable over the next 10+ years, so I feel confident in always having a good tenant to rent to. I'm leaning more towards Northern VA due to the relatively friendlier landlord laws vs. those in DC, the job growth due to data centers, Amazon, and warehousing in that area, and the relative affordability.
Any insights would be much appreciated. Thanks!
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DC market is great in terms of future appreciation. In terms of the area I'd check out Alexandria as well as Arlington if you are in the market for a condo. Parking will be 100x easier for you if you plan on driving anywhere and you may get better bang for your buck/better neighborhood class. These areas are also sure to appreciate due to Amazon in Crystal City.