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.
$259,900
0 BD/1 BA: 434 sq ft
Kalorama
HOA: $300 a month
What makes it great: This cozy studio has a lot to offer in a tiny package. Of course, I love this place’s historic features– hardwood floors, beautiful moldings, high ceilings, etc. I have also preached about the importance of a foyer in a studio. This foyer doubles as a dining area and is exactly what you need to create a little privacy. The kitchen and bath have been recently upgraded. The kitchen is especially sleek. The final bonus: walk-in closet.
Here is the math: Assuming you put 20% down and take out a 30 year loan with a 4.25 interest rate, your mortgage payment would breakdown to a little over $1000 a month.
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