Buying smalll 1-bedroom condo outside DC

cafm70
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I'm getting cold feet and need an unbiased opinion. I have the opportunity to purchase a 750 sq ft, 1-bedroom condo just outside of Washington, DC in Norhtern Va. The price is great, just over $160K, with $335 monthly condo fees, and two parking spaces. The fees cover most maintenance, the pool, 2 tiny gyms, 24-hour security, conceirge, all utilities execpt phone and cable. I would be buying this place from a family member, which breaks my rule of not doing business with family. Plus, I wonder if I am settling for such a small place, that I should take some time, work with a realtor to see what my options are in the current market in my price range (bigger sg ft, two bedrooms, so on) I am also worried about trying to resell such a small place. Am I being stupid for having doubts? Is this not a great deal that I would be foolish to pass up? I like the condo and see a lot of benefits living there for the next 5 to 10 years.

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July 07 2009 - Washington

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Answers (2)

Lanre Folayan, "Lanre Folayan"
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Hello cafm70. Buying a house is the best investment and maybe biggest investment you will ever purchase. So I understand if you have cold feet. Many people do. But remember it is a great investment. And you are right -you have a lot of options to choose from in this market. And if you are not working with a real estate agent,I would definitely advise you to work with one so that he or she can help you with the home buying process. Working with a real estate agent when you are buying or selling a house is a great investment. Besides you are not paying a real estate agent to work for you because real estate agents don't get paid until closing. Good luck to you.

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July 07 2009

Ken Kopper
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cafm70, it defintely doesnt hurt to look around to see what other inventory is out there at the moment. I don't think you are being stupid, you are thinking this all the way through but unfortuntely that sometimes entails "self inflicted mind torture"

Also, dont overlook the possibly of converting the condo to an investment property in 5-10 years when you are looking for more space.