Get Smart With City Chic is a bi-weekly column giving you the real talk rundown on what’s happening with the D.C. real estate market. Sponsored and written by Lindsay Dreyer, the broker/owner of City Chic Real Estate.
The rental market has been a rollercoaster ride since early 2020.
Many people scooped up great deals on rentals during Covid, however, we’re definitely seeing the tide start to turn. Rental demand and prices, are up. According to Delta Associates, rents in the D.C. metro area are up 15.7% from Q1 2021 to Q1 2022.
With double-digit rent increases becoming more common, many renters are wondering: is now the right time to buy a home?
Here are some questions to get you thinking about whether homeownership is right for you.
Why is owning a home important to you?
Knowing your motivation for being a homeowner is important! Is it a goal you’ve always had? Do you long for a place you can make your own? Is it a financial investment in your future? Are you hoping for some stability in your long-term housing expenses? Whatever the reason, you should have a good one!
How long will you own this home?
Notice I didn’t say “live”, I said “own”. This can be a tricky one, especially if you aren’t sure how long you’ll be staying in the D.C. area. It can take years for prices to appreciate enough to breakeven on a sale, so you should have a plan B if you find yourself in that situation. For most people, they rent their home out until they can sell for a profit.
Can you afford it?
You’re not just paying the monthly mortgage payment, you’ll have condo/HOA dues, property taxes, insurance and utilities. Homes also need maintenance and repairs. We recommend putting together your annual budget to see if homeownership fits into the broader financial picture for your life.
Do you want the responsibility?
If something goes wrong or needs repairs, it’s on you. No more calls to your property manager or landlord. Some people just don’t want the responsibility of maintaining a home, and that’s totally fine!
Does your wish list line up with your financial reality?
Write out all your wants and needs, along with preferences on home type and locations. This can also be a good time to chat with a mortgage lender to see what options are available! (PS: happy to send you my recommendations)
Ultimately, there’s no shame in the renting game! But if homeownership is in your future, answering these 5 questions is a great place to start.
Want extra credit? Download our free, First Time Buyer Workbook, which will give you an even deeper dive into buying your first place.
City Chic Real Estate is a woman owned, independent real estate company, specializing in helping first time buyers and sellers in the DMV. Book a no pressure, intro call with our team at citychicre.
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