Washington DC is the fourth most expensive city in the nation to rent a home. The average cost of a one bedroom rental is well over $2000 a month. For that money you can own a 1-2BD home in some of the hottest neighborhoods across the city.
For example: with a home purchase of $400,000 and a down payment of 5% at an interest rate of 4.25%, your monthly mortgage payment would be $2,245. And, don’t let the down payment intimidate you. The DC Open Doors program offers down payment and closing cost assistance to any Washington DC home buyer making less than $123,395/yr.
Home ownership comes with many rewards. It provides a good financial investment, allows you to start building wealth, offers good tax benefits, gives you a better sense of community, just to name a few. With low down payments programs, low mortgage interest rates, and increasing home inventory, what’s stopping you from investing in yourself rather than your landlord?
If you’ve searched the Internet and your social networks for homes and advice but you’re not sure to apply that information to buying a home, I can help. I’m happy to meet with you one-on-one to interpret the timelines, checklists, and charts for your specific situation and outline the entire home buying process. You can also attend one of my many home-buyer seminars across the city.
Please call/text me anytime with questions: 703-963-0142. I’m ready to help!
Categories: Buying a home