Spending the cash for a house in NOVA-D.C. Metro might work both ways
For decades Northern Virginia rates high as an area where people buy real estate and move in to live there. The region that is linked to Washington D.C. and both can be seen as two parts of a common living organism. That’s why the colloquial short form NOVA-DC is used increasingly (NOVA, if you don’t know stands for NOrthern VirginiA). And when the area is of high demand, it looks promising to purchase an investment property. Assuming that you have the cash and aim to invest it in Northern Virginia – what you spend it for? A great community to call home or the opportunity to make profits out of rentals and/or future sales? On the lands of NOVA-DC, the idea has the potential to work both ways.
The price of the real estate will go up again
The cost of the living property in Northern Virginia is on a constant rise in recent years, and the level is almost the same as it was in the pre-crisis period of 2005-06. Experts predict that homes prices in the area will continue to grow but will not inflate by a high rate. In 2019, the properties will be 1-4% more expensive than in 2018. The trend is not about to change in the long run soon. Thus the ROI in a house or condo purchase has promising perspectives. The area is densely populated and lost of people live in Arlington, Merrifield, or Alexandria on rent. On the other hand, the wear and tear status of the particular real estate plays a significant share on the future profits. And in the end, it largely depends on the neighborhood if the investment will be successful.
Predicting the price moves in specific areas is a tricky business. You might find properties forecasts claiming that the cost of dwellings in Arlington will go up and in Fairfax County will become cheaper. On the other hand, the Pimmit Hills quarter based in Falls Church in the Fairfax region leads the charts of up-and-coming communities taking the opinion of many realtors and media experts. The houses appear to be undervalued for the location, and the purchase of a property in this area around Tysons Corner might bring out a substantial ROI in the future.
Planning to relocate in NOVA-D.C. area to settle down might tell a different story. Fairfax Public Schools System, for example, is the most densely populated in the whole state, so there are lots of family homes there. The demand for real estate to move in remains high in Northern Virginia, yet most of the people look for a better deal. You can find properties at a reasonable price (kalotalksrealestate) in neighborhoods with a decent level of public transportation, low crime rates and lots of stores and entertainment areas. Some places happen to be less popular which doesn’t automatically make them worse for the living.
While it’s probably impossible to summarize all the possible answers to such a question in one sentence (not even in one article), we can throw some hints. You can find different and sometimes even contradicting predictions about what will happen to the real estate market in Northern Virginia and D.C. Metro area in 2019. Anyway, in general – the price of the housing property will increase. Most of the experts are unanimous about that. What they might argue about is the rate of the price upsurge.
The region has seen a substantial cost rise for the past decade. While the price level of the years before 2007 is yet to be reached, it is expected to happen sooner rather than later. The realtors among the 50 in the NOVA-DC area expect the increase to be in the range of 1 to 4 percent on an annual basis.
It is interesting to notice that the price goes up even if the sales come down. According to the Northern Virginia Association of Realtors the number of living property sold in September 2017 was almost 12 percent lower than the same time of the previous year. NARV data include cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon, and Clifton. Despite that the cost of the homes keeps on the rising curve by more than 3,5 percent – the average house price in the region before the last quarter of 2018 was over $570 000.
You can find a decent home for less than a half-million dollars
The price might range from just over $100 000 to nearly 2 million dollars – it depends on the size, the location, the condition and a variety of other aspects. You can find a place to call home (https://homeswithoutlimits.com/all-listings/ ) for just over 200 thousand in Spotsylvania and nearly 800 thousand in Alexandria. Well, the average price makes sense and most of the real estate prepared for the new owners to move in immediately indeed cost around 500-600 thousand dollars.
The NVAR forecast for early 2019 (issued in October 2018) predicts that the prices in Arlington County are about to rise, will in Fairfax County and Alexandria the figures will not move up and even might get some decrease for a while. The winter months of the New Year might be the perfect time to buy a house or a condo in these areas.
The price does not always correlate with the proximity to Washington D.C. Although it is more likely to find a cheaper dwelling located further away from the US capital, there might be some surprisingly affordable picks right across the Capitol Hill. Well, most of the houses in good shape in Alexandria near the Potomac River and the Pentagon City cost more than $700 000. The western part of the city is usually the cheaper side with many options below the half-million mark. However, around those 200-300 K listings near the Holmes Run, you might see a million dollar mansion too. So, the generalization works to some extent.
If you’re on the move with children, place the location for their education first
The best case scenario a young adult might imaginary draw considering the perspective of settling down and creating a family will probably look this way: Buy the house and the children come after that, raise them at the same place and won’t have to relocate at least before the offspring moves out. Well, in reality, anyway life is usually more complicated than that and the world outside challenges the personal plans every day. You might be on the move for a number of reasons with kids in “the baggage.” Finding a new job at another place, looking for a bigger (or a smaller) house, swapping the downtown condo for a suburban residence with a lawn at the front and backyard to play ball, to name a few. And the backbone of the story might look differently – become a parent first before becoming an owner of a property.
So, it is pretty reasonable to change your home at least once with the child (children) present. In this situation, the primary circumstance you need to focus on before choosing the location of the house is the location of the school. The neighborhood is best to be in proximity to the working site of the parents(s), but it also has to picked to allow the kid(s) to get back home quickly after the school day ends. The more family member you have, the more complicated becomes the equation. On the other hand, in a densely populated area like Fairfax Country with more than 140 elementary schools and over 20 high schools, it might bring you a serious headache to get around and find the perfect match of the place of residence and the educational institutions your kids will visit. The abundance of opportunity might be troublesome too if you don’t know what to look for. Taking a piece of advice from the experts (https://homeswithoutlimits.com/ ) is quite a necessary step, especially if you appear to be unfamiliar with the area you plan to move on.
Find your spot on the map of the largest school system in Virginia
The region is situated near the US capital and appears to host the most significant educational network in the Baltimore-Washington Metropolitan Area. Over 180,000 students enrolled in the system recently on different levels. The school division is the 10th largest nationwide, so you might get lost easily. If your teenage daughter attends the South Lakes High School in the northwestern part of the county and your 9-years old son is a pupil at the Franconia Elementary School near the bank of Potomac River, you need a home somewhere in between. Well, matching all the criteria is not that simple.
Sending the children to different schools but in a common area will make it a little easier to place the location for the house you want. Have in mind that the demand for some of the neighborhoods might be huge but even in a competition to catch the opportunity for the home you dream of you need to consider the consequences of your choice.
North Virginia is said to be in the Goldilocks climate zone – not too hot, not too cold. Anyway, sometimes the weather is challenging. The region radiating westward from Washington, D.C. occurs to be densely populated, while the outside conditions vary in a wide range depending on what time of the year. While NOVA, as the area of and around Fairfax County is often abbreviated, is not challenged by the extremes of heat and frost other places in the USA experience, there is still plenty of circumstances to consider to make your home safe and comfortable all the time.
The thermometer in the middle of July might reach over the 100 F mark even if North Virginia is not the hottest place in the country. On the other hand, In January the level might drop lower than 10 F, so you have to be well-prepared either for the summer and the winter. A home at Manassas, Alexandria, or Falls Church needs to be property air-conditioned for the whole year to provide the temperature you feel comfortable.
The quality of the insulation is crucial to achieving the best conditions inside no matter what is the weather outside. The energy efficiency of the dwelling depends on the way the whole building is insulated. If you have a house in the suburbs, have in mind to cover from the base to the rooftop. Every point of a possible “leak” of water or wind needs to be blocked. If you own a property in North Virginia or nearby in the Washington D.C. area and have some concerns about the way your home is protected against the weather extremes, it would be better to search for advice from experts. And if you aim to purchase real estate in the same region, don’t leave on the chance – call professionals (https://homeswithoutlimits.com/) to receive the advice you need about the state of the house you like. The price billed in the ad usually stands for the deal, but the money you have to spend on repairs and improvements is something you need to calculate separately.
Being on an “urban heat island” won’t save from spendings on heating
Washington D.C. and North Virginia share a significant territory that is considered to be an “island” in weather terms, not geographical. UHI stands for “urban heat island” which means that specific densely populated regions have substantially higher average temperature compared to the near surroundings. The human activity takes its toll – the harmful effect might be in the decreased quality of the air. On the other hand, the UHI influence might save some funds for heating since the area represents a kind of greenhouse.
But it doesn’t mean you will feel comfortable at home with no heating during the winter. The cold in North Virginia usually is not severe, and with proper insulation it is not that hard to achieve the optimal inside temperature while relying on energy efficiency.
A lot of people reach a point in their life when they need to find a new place to live. It is a really time – consuming activity, that requires a lot of energy to be spent in finding the best possible option. It could be also categorized as an exciting adventure, where you meet a lot of new people – all of them with their interesting life stories, trying to sell you their houses.
Not finding the right place for you and your family could cause you a mental breakdown for sure, but at the end everyone finds it.
In order to reduce the stress, you would experience it is advisable to get an approval for mortgage before even start. It is a long process related with a lot of documentation, so it better to finish this job before the real search for a house. Having been approved before the start of the search would give you the opportunity to overtake all other candidates. In the eyes of the seller you look like a serious buyer that could afford everything offered at the spur of the moment.
You should have a pre made list of properties that you want to visit and check. In our age it is easy to filer down that houses from the ones listed online. You can make your selection first based on the neighborhood you want to live in, depending on the advantages it is offering such as schools, places for entertainment, stores, hospitals and closeness to the downtown of the city.
Another thing you must be sure about is the type of the house you need. It is better to choose in advance whether you need a single family one or two – store house. Having in mind what exactly you need and after that you have to stop looking for anything else, otherwise you are wasting your time on something that would not be used.
It is also advisable to jot down after each visit the pros and the cons of every house you see. At the end you would have a review of every visited house and it would be easy for you to choose the one you needed.
Indisputably it is a hard process that lays a lot of hinders in store but having the need and the right motivation the perfect house would emerge and all you have to do is to choose the best house for you and to move in it.
Home buyers are willing to have everything in their new houses, without even thinking are they really need such extras. The famous saying “buy less house than you can afford, just in case”, could be applied here.
People are often lured from the huge yard their house would have, they imagine the kids playing with the family dog, jumping and laughing around, but is it worth? Having a big and spacious yard, means that you have a big green area that needs constant care, no matter if we are speaking about cutting the grass or spraying against bugs. It is a responsibility a person should thing well about.
The next thing people should think about is the means of transportation their neighborhood offers. If you are driving your car every day to go work do you need to spend more money only for being closer to the metro or the bus station.
A factor that increases the price of the property is being close to some of the top schools in the neighborhood. Searching for a house in close proximity to such school, without having kids and without even planning to have one day, not only increases the price of the properties but also guarantees for higher taxes.
Before buying a house consider what exactly you need. If you are a family of just 3, do you need 3 bedrooms or media rooms, that need not only furnishing but cooling and heating throughout the whole year. Or do you need a single store house if you have no problems climbing some stairs in order to get into your bed.
Also check whether your future house have some very specific extras, custom-made for the previous owner that you would not actually use.
All buyers should never forget about the maintenance costs, everything that is extra in their new house would extend the bill.