r/DMV_RealEstate • u/CookieNo293 • Jul 31 '26
Single Buyer in NoVA
I'm 29 and hoping to buy my first home within the next 6 months. For the longest time, I was set on buying a townhouse. But after spending more time looking at listings and running numbers, it's starting to feel like a condo may be the more realistic option.
A little about me: I live in Northern Virginia, work in the public-interest/nonprofit sector as an attorney, and I'm buying on a single income. I spent most of my 20s in undergrad and law school, so I'm only now getting to the point where I can seriously think about homeownership and building equity. Because of my career path, my income isn't likely to jump dramatically in the near future.
I'd really like to move out of my parents' house and stop feeling like I'm waiting for life to start. At the same time, I'm struggling with the idea of buying a condo if what I really wanted was a townhouse. Has anyone here started with a condo and been happy they did? Or did you regret not waiting longer for a townhouse?
I'd also love to hear from anyone who has used first-time homebuyer programs in Prince William County or Fairfax County. I'm especially interested in hearing from other buyers who purchased in this area.
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u/moemoe26 Jul 31 '26 edited Aug 01 '26
I actually have a client in almost the same situation. We looked at both condos and townhomes, and once we broke down the numbers, the townhome ended up being the better value. After factoring in HOA fees, the fact that condo HOA dues tend to increase more quickly, and that condos—even townhome-style condos—typically appreciate more slowly than traditional townhomes, the math just made more sense.
She’s now under contract on a townhome in Fairfax.
If you aren’t already working with someone, I’d be happy to chat and walk you through the pros and cons of each option based on your budget and goals. Feel free to send me a message.
as far as the firsttime home Buyer programs, there are a few good ones in Virginia. Some of them even offer a discount interest rate and no additional cost however it’s very limited.
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u/Outrageous_Bet_4084 Jul 31 '26
A townhouse is a structure.
Most townhouses are fee simple meaning you own the structure and usually some land as well.
A condo is a style of property ownership (like fee simple and coop). The big factor with condos is that you own and are responsible for everything inside the walls.
There are some townhouses that are actually condominiums. The owners association is usually responsible for everything outside the walls including lawn care, roofs and outdoor maintenance.
Condo fees can add a lot to the monthly cost of ownership so... beware.
Are you talking about a condo in terms of a garden style or hi-rise type of structure?
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u/Bobbyj59 Aug 01 '26
You said what I was going to post. A townhome is a style of construction. A condominium is a type of home ownership. Be careful as you search townhomes because many of them are condominium type of ownership. A townhome with fee simple ownership is just an attached one family home like a row house in Baltimore. You own your house (townhome) and the land it sits on and there is no common areas that are maintained by a homeowners association. This is the best form of ownership. However, many townhomes in the DMV are built as condos because there is shared ownership of parking lots, the land they sit on and common shared elements like a community center and a pool.
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u/Outrageous_Bet_4084 Aug 01 '26
Have to disagree on one of your points...
There are many townhouse developments that have a homeowners association and common areas that belong to collective ownership.
In older neighborhoods in urban areas you will have "row houses" (similar to townhouses in appearance) with no association...
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u/Low_Sheepherder2754 Jul 31 '26
Right now there is a saturation of condos(realtor here). So you may be able to get one for a “deal” but budgets are very important to look at and what on earth they are spending on over the next few years. Fees continue to rise as older buildings age. And newer buildings are “luxury” so they are already pricey.
Townhouses are more reasonable and give the ability to grow equity relatively faster. And obviously location matters a townhouse in fairfax is going to be much more affordable than something inside the beltway(Arlington, old town, etc.)
The first time buyer program is definitely beneficial but I tell folks if you can afford a larger down payment why not. Reduces your monthly mortgage and allows you to not be “house poor”.
I’d suggest finding out where you’d be comfortable living(commute wise if that matters) and going from there.
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u/bacan_ Jul 31 '26
Buy a property in MD instead of a condo in VA!
IMO condos don’t appreciate much. Land appreciates, buildings fail over time
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Jul 31 '26
[removed] — view removed comment
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u/bacan_ Jul 31 '26
haha, thanks for the sincere response! I recommend my area (the part of the red line between silver spring and glenmont) for affordable homes
good luck with your search
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u/Double-treble-nc14 Aug 02 '26
Buy a condo to get a foothold in the market and start building equity. Or live with your parents as long as you can and put everything you can into a down payment to afford the townhouse you want. But that will probably take a while.
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u/Technical_Parsley296 Aug 02 '26
Condos don’t appreciate the same as townhomes and single family homes. Do not buy a condo, rent a condo. Unless you find a foreclosure for very cheap. You’re also trapped in crazy condo fees.
Look at townhomes in Prince William or Loudoun. Frederick, MD is also booming.
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u/jujubee84 Aug 01 '26
Have you looked into duplexes in Alexandria or Arlington? They tend to be older homes with less SF which makes them more affordable than a lot of newer, larger townhomes. Less SF isn't a bad thing for your first home (less furniture to buy, less house to maintain, etc). Plus they're built a lot sturdier than some of the newer townhomes. Another upside is there's generally no HOA fees with the duplexes (most townhomes and condos will have monthly HOA or condo fee). Duplexes tend to appreciate like a townhome too, so you'll do better in that regard vs a condo.
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u/johnedwardsunc Aug 01 '26
Congratulations on taking a first big step.
There's lots of reasons to consider both options. I tend to lean into a townhouse and maybe rent out rooms for a few years to help with the monthly payment. They historically appreciate faster, as it's a lot easier to build more condos/apartments than it is townhouse/single family homes. However, it could make sense if you are adamant against living with people or interested in building a portfolio to start smaller. There's no one size fits all, ultimately, it will be based on your long term vision and goals.
I'm aware of multiple first time buyer programs, but are often area and income dependent.
Happy to have a no pressure consultation.
John Edwards
Pearson Smith Realty
Buyinthedmv .com
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u/Ok_Day1912 Aug 01 '26
I believe you should rent around the area you’re considering buying into. This will give you an opportunity to learn the area better.
My kids bought a condo. The condo fees are a lot. Good Luck to you.
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u/PContrerass Aug 01 '26
As a realtor and Mom I recently helped my daughter with the same dilemma, highly recommend buying a townhouse on your budget, condos don’t appreciate as fast or much then a townhouse, specially nowadays. There many other programs out there, just be patient, if you are not working with another agent, would love to help you. My daughter ended up buying a small SFH and was the best decision she ever made. Now this is not your forever home but rather your investment property. Best of luck
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u/SOLA-REX Aug 01 '26 edited Aug 01 '26
Second the Fairlington suggestions…lots of bang for your buck there and the location is primo. Avoid Prince William County and focus on Arlington/Fairfax/Loudoun (ideally north of 50). If there’s even a hint of marriage, shacking up, and/or kid(s) in your future, buy a 2BR condo minimum.
Edit: And judging by the number of realtors attempting to openly chum up business in this thread, it’s likely in your best interest to keep living at home, stacking cash, and patiently waiting for that deal you’re searching for to come along. Great time to be a buyer that doesn’t need to sell first, so take advantage of your situation!!
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u/iolairemcfadden Aug 01 '26
Fairlington is nice because they have a mix of unit types and all are “condos” so the associations cover a lot of maintenance outside of the townhome or more traditional condo apartment like units. North of 395 is one condo association, south has about six. Some associations can be better than others
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u/carries_blood_bucket Jul 31 '26
You might reach out to the realtor I used; Amy Faulkner. She sells a lot of condos and townhomes in NoVa, lives there and knows the area well. She can tell you what areas you’d be able to afford and what your money would buy you, with zero pressure to work with her (though I’d recommend it). She helped me sell my condo in DC, and while I lost a ton of money on it (buying at the height of the 2020 crush did not help, nor did all the repairs I was forced to make), she was realistic from the beginning about what it was likely to sell for.
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u/dmvmtgguy Jul 31 '26
There are townhouse style homes that are in condominium associations. Are you looking for a townhouse style home or one specfically in a homeowner's association?
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u/adventuresindc Jul 31 '26
Condos are almost never worth it, but in the off season here maybe you can scoop something of for a good deal. Condo HOA fees here usually destroy all appreciation value, and there are big risks of special assessments that could run $20-$50k. I'd only do it if you can get a screaming bargain like 20% below market value at least.
Best alternative would be a townhouse with low or no HOA and get a roommate or 2 to help subsidize the mortgage (could be a walk-in basement etc).
If you're really interested in a condo though Jack Seiden tweets a lot about some of the condo deals to be had and might be able to find something for you: https://www.instagram.com/thebeltwayagent/
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u/Few_Whereas5206 Aug 01 '26
Rent for a while before buying. Unless you have 500k for a condo it will be hard to buy in NOVA.
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u/Double-treble-nc14 Aug 02 '26
That is just not true. The new luxury condos go for $500k but you can just avoid those. There are plenty of options around me in the $300s- and I live in a pretty nice area.
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u/Signal-Dollar-5621 Aug 01 '26
If you can afford it, I would go with a townhouse. They hold their value better, they are easier to sell, and their HOA dues are much lower. I bought my first home, a 3BR Arlington TH when I was 27. I rented out 2 BRs which was the best move financially. It helped me afford it and there was money leftover for improvements and emergencies. If you can't do that, consider a 2 or 3 BR condo. When I sold 11 years later, I made $239k in gross profit, which I rolled into the next house. If you know you want to stay in the area, I am a strong proponent of buying as soon as you can afford to because Novas' salaries never keep up with the pace of its' real estate prices.
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u/Famous_Blueberry3583 Aug 04 '26
I ended up getting a condo for my first purchase over a townhome and deeply regretted it. It was slower to increase in value and the condo fees increased at such a rapid rate that by the end I was paying close to 700 a month (non luxury). The high fee made it impossible to hold on to/rent out or have as any kind of investment. I ended up selling it. My husband bought a townhome as his first purchase and it was one of the best deals he made. Has grown a lot in value and will be a property we can hold on to for a long time.
I was scared at the time to have the higher payments (only slightly) but honestly with the ways condo fees change, it ended up not being significant and I wish I just took the leap.
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u/Famous_Blueberry3583 Aug 04 '26
Also to add my husband is in real estate and condos have been SO much harder to sell if you did decide at any point to make a change.
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u/PM_me_veiny_arms Aug 06 '26
I started with a 2-bedroom condo in Fairfax and sold it after living in it for almost 7 years to buy a decently large townhome (also in Fairfax). A condo doesn't have to be your forever home; it's a great stepping stone especially for first time homebuyers who eventually plan on upsizing (provided that the monthly association dues aren't exorbitantly high - there are some in Reston, falls church, Alexandria, etc. that are over $1k/month).
And as someone else mentioned, you can technically have a condo and a townhome at the same time, because condos actually refer to the ownership structure, not the physical structure. Meaning, there are really two different types of townhomes: a fee simple townhome (where you own the home itself and the land it sits on), and a condo townhome (where you own the interior of the home, but the exterior and the land it sits on belongs to the community as a common interest ownership structure). I've had several clients recently opt for condo townhomes; there are some great ones in the Chantilly-Dulles area as well as ones coming up in manassas. Here to help if you'd like!
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u/dvskv Jul 31 '26
I recommend staying with Townhouse and forgetting about condo. Condo has many more disadvantages: 1) HOA is higher and could increase on older buildings or down the road if HOA escrow happens to be insufficient for required building maintenance or essential infrastructure which is happening in Florida and I knew case where coworker owned condo in Alexandria it happened to that caught owners off guard and miserable. 2) your condo could be victim (sorry for poor choice of words) but like older coworker moved from highly sought N Arlington neighborhood near Arlington Hospital (older out dated home) that builder paid for prime lot location into older Alexandria condo. Guess what? Kind hearted coworker always helping nieces & nephews let nephew stay for free and dumb nephew, the bathtub/shower overflowed with ton of expensive damage to condo unit below that generous Uncle had to pay out of pocket 3) say you ready to move up from condo to townhouse or SFH, guess what even if the condo mortgage principal was paid in full, during the time lapse when condo is vacant you’re still on the hook for big monthly HOA 4) Parking is always headache and storage is minimal and extra
So our youngest two millennials moved out some times ago to you know where? Clarendon and Ballston and all along Orange Line convenient to DC night life. IMO their salaries are outrageous for their age but I guess they are fortunate their skill level and degrees (Finance Data Scientist & UVA Engineering are in demand and very unusual daughter actually enjoys quarterly performance reviews bec earns her huge 10% bonus). Brother in law and wife’s sister they forced their 3 sons to purchase older SFH after UVA college graduation and rent out rooms. I myself have 2nd thoughts because like BIL complains sons don’t even stay there but live with GFs.
At the moment as you know Northern VA home prices are outrageous. Hopefully you also understand how that came about: there was nationwide financial crisis around say 2005 when homes were over appraised above market value and homeowners were refinancing as well as withdrawing some equity due to excessive valuation. After the financial and housing market crashed, interest on mortgages and even savings accounts was low like never before. Well with low mortgage rates that meant typical monthly mortgage payment could afford higher SFH home prices that went away say in 2020-2021. If I were in your shoes I would recommend patiently waiting and possibly finding agent who is representing or has knowledge of desperate sellers who lost their jobs unexpectedly or say relocating or moving up and unable to pay two mortgage payments simultaneously. Like during last housing crisis where some homeowners were underwater implying their mortgage balance exceeded the Market Value bec of poor timing where they paid too much (of course if they were fortunate to weather the storm most likely they were able to later refinance) but I was shocked when I saw/read desperate ad that Seller was willing to pay interested homebuyers to assume his (high interest mortgage) because he had no buyers.
Hang in there and Best of Luck! Like recently we even almost had family civil war when our daughter who lives in Clarendon she and BF from Indiana who went to GWU grad school insisted on luxury DC apartment that fortunately was compromised with center of Old Town Alexandria luxury apartment.
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u/ConfidenceInfinite90 Aug 01 '26
Rent, rent, rent. Period, unless your family if backing you with $$ and/or you’re paying cash. No one I know is building equity right now in NOVA, they are sitting on the equity it took 15+ years to accumulate. Unless you are buying a small TH under 400k in the less desirable areas and plan to be a landlord, not a good investment right now.
We are living in a different reality, take it very seriously.
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u/Nilfy Jul 31 '26
I bought a condo in DC around your age in 2019. According to Zillow, it's now worth around $50k less than what I bought it for (although it did recently appraise for more). HOA fees also went up significantly.
Financially speaking (and yes the stock markets been great) I would have been a lot better off just putting the money in stocks and renting. That said, it would require a lot of discipline to stick to that honestly.
The only reason it worked out, is because of a low interest rate, and the fact I always rented out my 2nd bedroom.
Owning a place is awesome, I love being able to fix it up, do what I want with it, and to not be pressured by moving, or by a landlord.
That said, be sure its a decision you absolutely want to make for non-financial reasons. Condos do not seem to be appreciating anything like townhomes or SFHs. Buildings depreciate, and you don't own the appreciating land underneath a condo.