All Forum Posts by: 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

 Thanks for the advice!

Thanks for the input @Russell Brazil, I'll definitely keep that in mind, as I would really like my place to appreciate over time, even if it's a little bit.  I suspected that 1st floor condos don't get too much love, but since this condo doesn't have an elevator, I figured it would be easier to move furniture into.  

With that being said, any areas in Northern Virginia you recommend that have condos that have been appreciating?   My budget is probably no more than 375K, but am open to 1Br's as well.  

Thanks again.

Hello, 

Not sure if i'm in the right place, but any help is appreciated.  I'm a first time home buyer,  looking for a condo for primary residence.   I was interested this place:

https://www.zillow.com/homedetails/12140-Garden-Grove-Cir-UN...

It looks decent, but then I noticed the condo fee of  $469/mo.   For the amount of amenities and what the fee pays for, do you think that it's too much?  The condo doesn't have an elevator, but the other amenities are listed below:

• Amenities included: Common Grounds, Fitness Center, Gated, Reserved/Assigned Parking
• Services included: Common Area Maintenance, Maintenance Structure, Insurance, Management, Pool(s), Recreation Facility, Reserve Funds, Snow Removal, Trash, Water, High Speed Internet

Thanks in advance for any advice!