Buying smalll 1-bedroom condo outside DC

cafm70
Contributions:6

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.

Flag content

July 07 2009 - Washington

E-mail Share RSS

Answers (2)

Lanre Folayan, "Lanre Folayan"
- 0.0/5.0
- (no reviews)
Contributions:75

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.

Flag content

July 07 2009

Ken Kopper
- 5.0/5.0
- (1 review)
Contributions:1578

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.

Flag content

July 07 2009

Have a question? Ask it here.

Current Mortgage Rates

CurrentLast Week

30 Year Fixed

15 Year Fixed

5/1 ARM

Mortgage RatesGet this widget

<div style="width:298px;height:123px;border:1px solid #adcfff;overflow:hidden;text-align:center;font-family:verdana,arial,sans-serif;font-size:8pt;line-height:13x;background-color:#eff3ff;letter-spacing:0;text-transform:none;"><div style="margin: 0 6px;"><div style="margin-top:6px;"><span style="font-weight:bold;font-size:9pt;color:#3366bb;">Current Mortgage Rates</span></div><div style="color:#555;margin:5px 0 1px;"><span style="padding-left:137px;">Current</span><span style="padding-left:23px;">Last Week</span></div><div style="background:#fff;height:60px;width:284px;border:1px solid #adcfff;text-align:left;"><div style="width:144px;float:left;"><div style="height:20px;background-color:#fff;"><div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/" target="_blank" style="text-decoration:underline;color:#3366bb;">30 Year Fixed</a></div></div><div style="height:20px;background-color:#eff7ff;"><div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/15_Year_Fixed_Mortgage_Rates/" target="_blank" style="text-decoration:underline;color:#3366bb;">15 Year Fixed</a></div></div><div style="height:20px;background-color:#fff;"><div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/5-1_ARM_Mortgage_Rates/" target="_blank" style="text-decoration:underline;color:#3366bb;">5/1 ARM</a></div></div></div><iframe title="Current Mortgage Rates" frameborder="0" height="60" style="float:left;" scrolling="no" width="138" src="/mortgage/MortgageRateTableWidget.htm?wide=1&region=102001"> Your browser doesn't support frames. Visit <a href="http://www.zillow.com/mortgage-rates/" target="_blank" style="text-decoration:none; font-family:verdana,arial,sans-serif; font-size:9pt; font-weight:bold;">Zillow Mortgage Marketplace</a> to see this content. </iframe><div style="clear:both;"></div></div><div style="margin:4px 6px 0;height:15px;width:276px;"><span style="width:149px;float:left;color:#3366bb;font-size:11px;"><a href="http://www.zillow.com/mortgage-rates/" target="_blank" title="Zillow Mortgage Marketplace" style="text-decoration:none;color:#3366bb;font-family:verdana,arial,sans-serif;font-size:11px;">Mortgage Rates</a></span><a href="http://www.zillow.com/webtools/widgets/MortgageRateWidget.htm" target="_blank" style="font-size:7pt;color:gray;text-decoration:none;float:right;margin-right:10px;width:80px;">Get this widget</a></div></div></div>

Zillow Mobile

Download the #1 Real Estate app

Buying smalll 1-bedroom condo outside DC

Have a question? Ask it here.

E-mail successfully sent!Submission failed!

QuestionHow long does a house stay listed as "recently sold"?

QuestionBuying smalll 1-bedroom condo outside DC

Compare mortgage rates

States

Nearby Cities

Nearby Neighborhoods

Buying smalll 1-bedroom condo outside DC

Answers (2)

Have a question? Ask it here.

E-mail successfully sent!Submission failed!

Related Questions

QuestionHow long does a house stay listed as "recently sold"?

QuestionBuying smalll 1-bedroom condo outside DC

Compare Mortgage Rates

Compare mortgage rates

Be A Good Neighbor