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 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.
What makes it great: There are three things that make this place in Petworth stand out. Here they are: spiral staircase, exposed brick, and PRIVATE 300 square foot roof deck. I know some people who live in 300 square foot studios. This place is a real gem. It has been completely redone with modern finishes, stunning hardwoods, and huge windows. It is a little far north of the heart of Petworth but a quick bus ride or drive will get you there in no time.
Here is the math: With 20% down and a 4.25% interest rate over 30 years, your payment would be about $1200. After factoring in utilities, taxes, and HOAs ($142.30) and tax benefits, your total payment would likely be in the $1600 range.
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