I have loved renting in DC. I could go on and on about how much I love my studio, neighborhood, and property manager (WC Smith.) I don’t love that my rent rivals a substantial mortgage payment. Buying a place is a big decision but building equity and making a good investment is one of the smartest things you can do, especially when young. Luckily there are great tools and programs out there to help make the decision. Check out New York Time’s rent vs. buy calculator. If you feel ready to make the jump, read up on DC’s Open Doors program. If you qualify, DC will help pay for your down payment. Crazy, I know. The more I learn, the more I want to get a piece of DC real estate. As I shop for myself, I will pass on good deals to EBDC readers. Happy hunting.
$329,000
0BD/1 BA: 515 sq ft
Kalorama
HOA: $329 per month
What makes it great: Light, bright, and in one of my favorite pars of town, this studio was easy to fall in love with. The unit features large windows, hardwood floors, and walk-in closets. Though the appliances are slightly dated, the cabinets, backsplash, and countertops make it feel more modern. The bathroom also has a modern feel and a small window provides great natural light. If you aren’t sold yet, an assigned PARKING SPOT is included.
The Cribline math: “With 20 percent down on $329,000 of $65,800,the mortgage would be $263,200. At an estimated 4 percent interest rate fixed for 30 years, the gross payment would be $1,530.72 per month. After tax deductions, the net payment would be about $1,075 per month. Add the condo fee.”
If you are paying more than $1,400 in rent, email me to get more details about this place.
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