Rent vs Buy in Reston>Question Details

wohop, Renter in Reston, VA

Relocating from overseas in April, to Reston on a 5 year mission. If we buy, condo, TH or house for appreciation value? Thanks!

Asked by wohop, Reston, VA Sun Feb 17, 2013

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This question was asked from this property: http://www.trulia.com/rental/3108858784-1830-Fountain-Dr-Res…

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6
Carolee Wiegand Locklear’s answer
HI Wohop- Thanks for your great question. As a resident of Reston since 1974, homes have significantly increased over the years. Why?, because the continuous fast growing in both residential & commercial development. Reston is a special place for many reasons; First and foremost we're known for our planned community, because of the many amenities we offer our home owners, including over 16 swimming pools, over 25 tennis courts, nature center, miles of bike & running trails& much more... Included in our development is our magnificent Reston Town Center, which feature restaurants, retail, state-of-the art stadium seating theater, specialty shops & a whole lot more...And, at the end of 2013 will the completion of Phase I Silver Line Metro also here in Reston. So my answer is YES, your home if you choose to buy will definitely increase in value over the years. Below are some links to back up my theory that may be helpful in your decision making. In the meantime, give me a call so we can chat more about your plans

http://www.caroleesellsnova.com/general/dec2012remarketupdate-107/


http://www.caroleesellsnova.com/general/reston-development-69/

http://reston.org/default.aspx?qenc=HzT9ACzZbNs%3d&fqenc…

Carolee Locklear, Realtor

Call 703-598-2458

carolee@penfedrealty.com

http://www.CaroleeSellsNoVA.com

Prudential Penfed Realty

11864 Sunrise Valley Dr. Suite 101

Reston, VA 20191
0 votes Thank Flag Link Sun Feb 17, 2013
Hello Wohop.

We've just hit May - did you rent or buy a condo/TH/House? If not, we're here to help you find just that.

Otherwise, I hope your found a nice place to live and wish you the best.

Chris

Chris & Shris Dudley
Long & Foster, Realtors
Licensed in DC, MD & VA
Office #: (703) 556-8600
Office Address: 8227 Old Courthouse Road, Tysons Corner, VA 22182
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Chris Cell: (202) 297-3047
Email: chrisdudley@longandfoster.com
Shris Cell: (301) 655-1521
Email: shristhi.dudley@longandfoster.com
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http://www.dudleyrealtor.com
0 votes Thank Flag Link Tue May 7, 2013
Because of your short time frame you need to be looking at this purchase in terms of investment quality. Will the cash invested in the down payment and closing costs earn you more than you can otherwise earn?

Over all Reston real estate appreciated 12% last year. Some of this was in anticipation of the coming metro. I would expect annual appreciation of 4%with another bump in the 12 - 18 months preceding the opening of the next metro station. That being said - I would say If you are able to negotiate a purchase which has the seller paying your closing cost, and you're able to lock in a 3.5% interest rate I would consider buying. The payment vs rent amount is a wash- you'll be paying something, so the question becomes the earning potential on the cash tied up in the property.

Below is a blog I wrote about Reston real estate over 2012.

http://reston.patch.com/blog_posts/reston-real-estate-lookin…

Good luck and call me if you have any further questions!

Eve M. Thompson, REALTOR
Long & Foster Real Estate
703-582-6475
AllRestonRealEstate.com
@EveMT
Licensed in VA
0 votes Thank Flag Link Sun Feb 17, 2013
You will have appreciation in Reston and that will depend on many aspects of your purchase. It is particularly important not to overpay for the property. As a Reston Realtor with ReMax and a Reston resident I can help you with comparative values of neighborhoods and areas in Reston. The decision to buy a condo or a townhouse would really depend on your individual situation. But whichever you chose you will be in a popular, attractive, convenient and value added place. Please let me know if you would like more information on the property you saw online which is in the Town Center. 703-403-6030. Remax Allegiance Reston. Eileen DuBose
0 votes Thank Flag Link Sun Feb 17, 2013
This is a fantastic time to buy. The prices in Reston are reasonable for the location, and are on the rise. Both condos and town homes do well here. It's more a personal preference as to style of housing. Many buyers want no maintenance, making a well managed condo an excellent choice. Others want the privacy and space that a town home allows. The rental market offers opportunities for housing, however rent per month is about the same cost as a mortgage payment with the low rates currently available. And with low down FHA financing the upfront cash outlay, it becomes an affordable option.

Debbie Tencza
Associate Broker
Long & Foster, Realtors
Debbie.Tencza@longandfoster.com
Reston, VA 20194
0 votes Thank Flag Link Sun Feb 17, 2013
Welcome back :) After spending tours in Germany previously I understand why you may consider renting vs buying. The market is Northern VA is strong; and rental properties priced competitively move very quickly. I would suggest buying due to the low interest rates and that in most cases you can purchase for a lower monthly payment than rent. I would be glad to send you listings for both options to compare. Looking forward to hearing from you.
Jennifer & Carlos Rivera
Realtors & Veterans; Licensed in Virginia
Move4Free Realty LLC
8848 Rixlew Lane Manassas VA 20109
Multi-Million Dollar Club Member, Top Producer
Cellular: (571)208-2349
0 votes Thank Flag Link Sun Feb 17, 2013
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