Zillow Advice RSS: Question-Discussion-Guide,Rent vs Buy,VA http://www.zillow.com/advice/VA/home-buying-rent-vs-buy/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Buying a condo or renting for a few years? http://www.zillow.com/advice-thread/Buying-a-condo-or-renting-for-a-few-years/498061/ Hi<br/><br/>I'm looking at condos in the 120-130k range in my area (near a univeristy, downtown area, high rental percentage in the area). &nbsp;With rates low, and rising, and housing still pretty low, and rising I thought it would be a smart move to buy. <br/><br/>Now that I'm in the midst of the financing, I've learned:<br/>1) you can't always rent a condo, and that would suck in a few years when a 1 bedroom isn't enough for me <br/>2) if you have a bad HOA (and how do you determine bad?) you can get screwed with special assessments <br/>3) condos don't appreciate like a SFH. &nbsp;<br/><br/>I'm not trying to use this as an investment property, but I would like to live there for 3-5 years, rent it for a few more, then sell for somewhat of a profit. &nbsp;I'm single and in my late 20's, and an entire home is more work than I want to deal with, and I can live in a much more central location.&nbsp;<br/><br/>I'm new to this and am open to advice or warnings. I hear a lot of horror stories, and it's very possible I'm getting in over my head and should just rent and invest the downpayment money elsewhere.<br/><br/>Thanks for the help!<br \><br \>9 replies Thu, 20 Jun 2013 13:09:00 GMT http://www.zillow.com/advice-thread/Buying-a-condo-or-renting-for-a-few-years/498061/ 2013-06-20T13:09:00Z to finance or pay in full http://www.zillow.com/advice-thread/to-finance-or-pay-in-full/548073/ I lost my job 5 yrs. ago,living on 401k,,almost gone, I owe 60,000 on my home now,payments 562 per month,,I am 61 and will only receive 1150 social next year and will be broke,I receive a small pension,that coves my medical ins.&nbsp; should I buy a cheaper place and have some cash in the bank,,or have a little cash and pay cash for a foeclosure ?<br \><br \>3 replies Tue, 01 Jul 2014 23:05:00 GMT http://www.zillow.com/advice-thread/to-finance-or-pay-in-full/548073/ 2014-07-01T23:05:00Z Need third party opinion on buying property http://www.zillow.com/advice-thread/Need-third-party-opinion-on-buying-property/537350/ Hi, I just moved to Charlottesville VA about 8 months ago for a new job and I've been renting.&nbsp; I'm thinking of buying property and wanted to get some ideas on if this area is a good investment.&nbsp; What are your thoughts on the appreciate of housing here?&nbsp; Here is what I noticed about the area after doing research:<br/><br/>Pros: <br/>- The city is home to UVA, which continues to grow and is one of the best universities in the nation.<br/>- Weather is not too harsh, but does snow sometimes and gets humid<br/>- Beautiful mountains, rivers, and nature.&nbsp; Historical sites including the home of Thomas Jefferson.<br/>- 2 hours from Washington DC and about 1 hour from Richmond Virginia<br/>- Easy going culture and pretty relaxing. It's a great place to live. <br/>- Great schools and good place to raise families or retire.<br/><br/>Cons:<br/>- Noticed many commercial and residential developers.&nbsp; There is a lot of land to build, and new houses are always being built which worries me of the appreciation of the current properties.&nbsp; New condos are also being&nbsp; built.<br/>- Small population, 40K in Charlottesville and about 200K in the metro area.&nbsp; If I need to change jobs, I will most likely end up in a bigger city since the job market is limited and small.<br/>- Not much public transportation.&nbsp; Property near the University are already high priced and out of range for my portfolio.&nbsp; To make close to break even cash flow, I'd have to buy a little further out of the University area (5-10min drive).<br/>- Prices are pretty high for a small city.&nbsp; Market took a major crash after housing bubble from over development and speculation. &nbsp;&nbsp; <br/><br/>Unknowns:<br/>- Plan to work for at least 2 years, but stability of young professional work force changes and I may have to move out.<br/>- Population and economic growth. Main industries (Government, Hospital, and University)<br/>&nbsp;<br \><br \>2 replies Mon, 21 Apr 2014 18:07:00 GMT http://www.zillow.com/advice-thread/Need-third-party-opinion-on-buying-property/537350/ 2014-04-21T18:07:00Z 2 yrs out of Chptr 7 Bk, should I try to buy or rent? Credit score 580 http://www.zillow.com/advice-thread/2-yrs-out-of-Chptr-7-Bk-should-I-try-to-buy-or-rent-Credit-score-580/510765/ I want to purchase a home; however in this market it appears all agents want commission now and not willing to help with the steps to home ownership. Any recommendations. Few facts. Chptr 7 bk discharge , 2 yrs ago. I work full time at same job since 2008, filed BK for medical reason, yrly salary 40k, I have since establish credit with card loan and two high interest credit cards, all of which are paid on time and have been since open about a year ago. Despite this my credit score movement is very slow it only increased 20 points from my before filing bk credit score. My current rent is 1350 per month. No savings, was thinking of a fha loan. Virginia Beach, VA- Hampton Roads area.<br \><br \>8 replies Tue, 10 Sep 2013 18:42:00 GMT http://www.zillow.com/advice-thread/2-yrs-out-of-Chptr-7-Bk-should-I-try-to-buy-or-rent-Credit-score-580/510765/ 2013-09-10T18:42:00Z Re: mortgages http://www.zillow.com/advice-thread/Re-mortgages/518085/ i have been considering on home buying due to all the pros towards it and would like to know how much do i have to put down for a house ? And what else do i have to have establish before buying a home? just need some clarity and information cause i see house are price in a thousands just want to know how i can i afford&nbsp; a home when i dont know if i can with my income.<br \><br \>3 replies Wed, 06 Nov 2013 04:18:00 GMT http://www.zillow.com/advice-thread/Re-mortgages/518085/ 2013-11-06T04:18:00Z What's It Going to Take-Buying Homes in Hampton Roads http://www.zillow.com/advice-thread/What%27s-It-Going-to-Take-Buying-Homes-in-Hampton-Roads/486110/ <div><p>How much evidence is needed to make a decision to get out of the rent race and become a homeowner?</p><p>Compare your rent with a mortgage payment on a similar size property. If you want a larger home than your current one, use the rent that property would require instead of what you're currently paying. If it's considerably cheaper, you may not need any further encouragement.</p><p>By the time you consider the principal reduction, appreciation and tax savings, your monthly cost of housing could be much less than the rent you're paying.</p><p>The principal reduction included in each payment is like a forced savings account that increases as your mortgage balance decreases. Your equity in the property will also grow due to appreciation. The equity is part of your net worth and an investment in your family's future.</p><p>The income tax savings can be an additional financial consideration if the combined interest and property taxes exceed the allowable standard deduction.</p><p>Trends are showing that both tenants and homeowners are staying in their homes longer. It's been said that whether you rent or own, you're paying for the home. Do you really want to buy the home for your landlord?</p></div><br \><br \>1 reply Wed, 03 Apr 2013 15:54:00 GMT http://www.zillow.com/advice-thread/What%27s-It-Going-to-Take-Buying-Homes-in-Hampton-Roads/486110/ 2013-04-03T15:54:00Z Do you offer any rent to buy properties? http://www.zillow.com/advice-thread/Do-you-offer-any-rent-to-buy-properties/507853/ 2 replies Tue, 20 Aug 2013 23:32:00 GMT http://www.zillow.com/advice-thread/Do-you-offer-any-rent-to-buy-properties/507853/ 2013-08-20T23:32:00Z (Moved): with combined credit scores of 600 and 609 between me and my fiance, is it possible to buy a home? http://www.zillow.com/advice-thread/Moved-with-combined-credit-scores-of-600-and-609-between-me-and-my-fiance-is-it-possible-to-buy-a-home/504913/ This discussion has been moved to the following location: <a href="http://www.zillow.com/advice-thread/with-combined-credit-scores-of-600-and-609-between-me-and-my-fiance-is-it-possible-to-buy-a-home/504905/">http://www.zillow.com/advice-thread/with-combined-credit-scores-of-600-and-609-between-me-and-my-fiance-is-it-possible-to-buy-a-home/504905/</a><br \><br \>0 replies Fri, 02 Aug 2013 16:44:00 GMT http://www.zillow.com/advice-thread/Moved-with-combined-credit-scores-of-600-and-609-between-me-and-my-fiance-is-it-possible-to-buy-a-home/504913/ 2013-08-02T16:44:00Z Rent or Buy? http://www.zillow.com/advice-thread/Rent-or-Buy/486541/ The question plaguing every tenant who wants a home of their own is whether they should continue to rent or is it the right time to buy?<p>The combination of good prices and low mortgage rates make it considerably cheaper to own than rent in most markets. Assuming a person is qualified with a down payment and won't be moving for several years, there may not be a better time to buy a home.</p><p>In the example below, the total house payment is $1,281.01 compared to $1,500 to rent the same home. Before you consider any of the financial benefits attached to home ownership, it's cheaper to own than to rent.</p><p>The net cost of housing falls to $764 or just more than half the house payment when you consider the principal reduction due to normal amortization, a modest appreciation and the tax savings along with a reasonable maintenance expense that a tenant would not have to pay.</p><p>One of the biggest benefits is the growing equity. As the value goes up, the unpaid balance goes down. A favorable leverage causes their low down payment to grow to $40,609 in a short seven years based on a modest 1% appreciation.</p><br/><p>There's an expression often heard in real estate circles: "Whether you rent or buy, you pay for the house you occupy." You're either buying it for yourself or you're helping the landlord buy it.</p><br \><br \>4 replies Fri, 05 Apr 2013 20:59:00 GMT http://www.zillow.com/advice-thread/Rent-or-Buy/486541/ 2013-04-05T20:59:00Z What can I do to get more (or better) quotes for my loan request ZR-XKDYQDF? http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-XKDYQDF/476508/ 2 replies Wed, 30 Jan 2013 05:04:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-XKDYQDF/476508/ 2013-01-30T05:04:00Z Calculating break-even and risk/reward - what am I missing? (potential new buyer) http://www.zillow.com/advice-thread/Calculating-break-even-and-risk-reward-what-am-I-missing-potential-new-buyer/467299/ <div>Need your advise/insight into my rent vs. buy dilemma. Am thinking of buying a house @300K with 75K down payment, 30 year mortgage. My credit score is close to 800 and I earn &gt; 100K. I would rent at ~1,900 if I did not buy. &nbsp;When I consider closing costs of 7%, it seems I will break-even (i.e. financial impact of selling is same as renting for the duration) in 2 years with no increase in sale price - i.e. I sell at the price I purchased, and in 1-year if house prices increase by 1%. It feels obvious that I should buy, what am I missing? (The area I'm considering is the Dulles corridor in VA)<br/><br/><br/></div><br \><br \>8 replies Mon, 05 Nov 2012 02:22:00 GMT http://www.zillow.com/advice-thread/Calculating-break-even-and-risk-reward-what-am-I-missing-potential-new-buyer/467299/ 2012-11-05T02:22:00Z Looking for a rent to buy house in winchester http://www.zillow.com/advice-thread/Looking-for-a-rent-to-buy-house-in-winchester/438625/ Looking for a rent to buy a&nbsp;house in winchester area with two bedrooms, two bath, and&nbsp;a car garage.<br \><br \>6 replies Wed, 11 Apr 2012 09:38:00 GMT http://www.zillow.com/advice-thread/Looking-for-a-rent-to-buy-house-in-winchester/438625/ 2012-04-11T09:38:00Z How you came up with this number? http://www.zillow.com/advice-thread/How-you-came-up-with-this-number/453969/ My townhouse # is 6739 Bayhill Court in Radford, Va 24141 --it is a townhouse community and it is showing that my townhouse is worth almost 100,000.00&nbsp; less than all the townhouses surrounding me.&nbsp; can you explain to me why that is ..&nbsp; I bought it in 2007 for 300,000.00 and it is showinig up on zillow for 160,000.00.&nbsp; I want this corrected please<br \><br \>1 reply Fri, 03 Aug 2012 18:46:00 GMT http://www.zillow.com/advice-thread/How-you-came-up-with-this-number/453969/ 2012-08-03T18:46:00Z Do people still do "rent to own"? how does that work? http://www.zillow.com/advice-thread/Do-people-still-do-rent-to-own-how-does-that-work/444990/ 5 replies Thu, 31 May 2012 18:07:00 GMT http://www.zillow.com/advice-thread/Do-people-still-do-rent-to-own-how-does-that-work/444990/ 2012-05-31T18:07:00Z