FOCUS on NoVA Real Estate team breaks down what you need to think about when deciding to rent or buy in Northern Virginia.

Three things to think about if you’re new to the area and are just moving in and don’t know much about the Northern Virginia area: renting may be your best option. This is going to give you the opportunity to learn the area, understand the different neighborhoods and choose a place that’s going be a fit for you and your family.

If you are planning on being in the area for three years or more purchasing a home is an option. you definitely want to take seriously. With such a hot rental market right now you are looking at potentially paying equivalent or the more in a rental payment as you would be for a mortgage payment of a home that would potentially even have greater value than the home that you would be renting.

If you are planning on being in the Northern Virginia area for five years or more purchasing is your best option. Besides having a massive increase of growth and equity in a home even if you stay at the standard two to three to four percent at five years you would be looking at breaking even if not making more equity in the home and who wouldn’t want to be able to live rent-free for five years the other option?

When you do look at purchasing a home, if you do have to leave the area prior to three to five years we are in such a strong rental market because the Northern Virginia area is so transient that you would easily be able to get a renter into your property to continue to for you to hold on to that property and grow equity in it.

If you have any questions about Northern Virginia real estate, reach out as we are happy to help.