You want to live close in to D.C. because you hate long commutes, but you can't seem to afford much, so you've been stuck renting. How do you get the keys to your new place for less?
Here are the options of available properties for under $200,000 in Alexandria & Arlington:
You're probably already aware that in this price range, the only availablity is condos. Currently there are 48 units on the market under $200,000. One of the things to be aware of is that almost all of these are in buildings that are 40 or more years old. That's not always a bad thing, sometime these buildings were built better back then than some of the new construction today. However, it is important to make sure that the condo association has budgeted for maintenance and future repairs, or else you might end up getting stuck with a special assessment.
In Alexandria and Arlington, the under $200,000 price range does of course limit your choices to only 1 bedroom and efficiency condos. Of the 48 units on the market, 20 of these are efficiency or studio condos and the other 28 are 1 bedroom units.
Currently units are available in the following condos: Arlington Heights, Bolling Brook, Columbia Knolls, Park Place, Pavilion on the Park, River Place, Saxony Square, and The Carlton.
What will a condo in this price range cost on a monthly basis?
On a $175,000 purchase, assuming no money down and a 6.25% interest rate, the monthly mortgage would be $1,077 plus property tax, insurance and condo fee. If you're paying over $900 in rent currently, purchasing a condo is probably a good bet.
CLICK HERE TO START YOUR SEARCH FOR AN ALEXANDRIA OR ARLINGTON CONDO