8 Reasons Why Buying a Home or Condo is Good for You

The mareket is heating up and now is a great time to buy. And, what’s more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn’t changed.

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Here are 10 reasons:

  1. You can get a good deal. Prices are as low as they are going to get for a while. And prices are at a level that makes sense for people’s income.
  2. Mortgages are cheap. At 3.75% on average for a 30-year fixed-rate mortgage, your costs to own are down.
  3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
  4. Your money is not wasted on rent. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
  5. You can get a better home. In some markets, it’s simply the case that the nicest places are for-sale homes and condos.
  6. Home buying offers some inflation protection. Historically, appreciation over time outpaces inflation.
  7. It’s risk capital. If the economy picks up, you stand to benefit from that, even if you’re goal is just to have a nice place to live.
  8. It’s forced savings. A part of your payment each month goes to equity.

HOA stands for Homeowners Association. HOA Fees are funds collected from the buyer for different things, such as landscaping, maintenance, and water & sewer. Some associations also collect funds to include extra amenities like, pools, fitness centers, and valet parking. These are all extra benefits that come with the purchase of a home. These fees can be between $100-$1000 yearly depending on where you buy.

Usually there is a board of directors that are voted in and they decide the fees charged. These  fees can also be changed yearly. The HOA should keep you updated on all decisions made. Each HOA has it’s own by-laws and restrictions. These vary from neighborhood to neighborhood.

You are basically joining a group within your neighborhood that applies rules that help keep the neighborhood safe and beautiful. It is important for the buyer to make sure they understand all of the by-laws and restrictions before purchasing a home. You need to make sure they are rules you can live with.

Condominiums are found in all shapes, sizes, prices and types. Are you looking for a high-rise condo, a mid-rise or a garden-style condo? Maybe you'd prefer a townhouse?

The term "garden-style" condo usually refers to a condominium residence in a building that has less than three stories. Most garden-style condos have balconies or patios for each residence. Many garden-style condos have a main entrance that opens to a common-area hallway. Additional common areas include the green space and "gardens" surrounding the structures. If you're interested in garden-style condos you'll have a lot of options in Northern Virginia.

From the suburban feel of Kingstowne to the central location of Bolling Brook from the vintage charm of Belle View to the chic feel of Carlyle Square, are just some of the many Northern Virginia condominium communities we feature.


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For more information or to set up an appointment call Julie at (703)765-0300.
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Nesbitt Realty can help you buy and sell real estate in Alexandria