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Back HomeYour Guide to Buying Your First Condo in D.C.
You’ve finally decided that you’re tired of renting and hauling your belongings from one unit to another. Now that you’re ready to commit to a mortgage, here’s what you need to know about buying a condo in D.C.
Condo Buying Trends
- Small is in
The tiny condo movement is gaining traction in downtown D.C., and developers are marketing the units to millennials. A tiny studio, for instance, affords 300 square feet of livable space. What makes it attractive is the price point – a unit sells for about $275,000, or half the median price for a typical home in the area.
- First-time buyers can get tax credit
First-time home buyers may be eligible for a tax credit of up to $5,000 as long as they meet set requirements. To qualify, you should have purchased your home within the current tax year, and you mustn’t have owned a home in D.C. the previous year. Moreover, the tax credit gets phased out depending on your adjusted gross income.
- The FHA has made purchasing easier for first-time buyers
The Federal Housing Administration, which helps first-time buyers get mortgages, lowered their fees in 2015. Fees were again cut in 2016 as the FHA’s financial situation gets better. Getting an FHA-approved condo in D.C. is also helpful because the agency will insure your loan, which mitigates risks and minimizes costs for the lender. You’ll also be required to give a down payment of only 3.5%.
- Condo living in D.C. is synonymous with lower maintenance and better lifestyle choices
Condos are easier to maintain than single-family homes and townhouses. Their affordability also lets you live in the city and gives you access to cafes, shops, restaurants, and events. Condo living also allows you to enjoy the walkability of the city, which either minimizes or completely does away with your commute.
Neighborhood Guide
Still wondering which area in D.C. is for you? Here’s a quick rundown of local neighborhoods.
- Woodley Park, Kalorama, and Chevy Chase are affluent neighborhoods. Here’s you’ll find good restaurants, ethnic eateries, and cafes.
- Kalorama residents prefer to keep the area’s noise level down, which makes it perfect for retiring homebuyers.
- Petworth is a close-knit community, with a mix of long-time residents and creative types who have just started moving to town.
- Shaw is known for U St., where residents go for food, drinks, and retail. Currently in the midst of a renaissance, the area is one to look out for over the coming years.
- Along with Shaw, Ivy City and Southwest Waterfront are considered to be up-and-coming neighborhoods. Condos are still affordable and yet are expected to gain value in the next few years.
- Columbia Heights is known as one of D.C.’s grittier areas, but an influx of retailers and increasing entertainment options serve to gradually change its reputation.
- As the name suggests, Mount Pleasant has a small-town vibe that active community members want the neighborhood to retain. There’s a crop of independent businesses worth checking out and supporting.
Sorting through Your Options
As a first-time buyer, you have a lot of options when it comes to condo units, amenities, and location. When choosing a condo, find a building and a neighborhood that will match your budget and complement your lifestyle.
Buyers also tend to look for condos that they can rent out when they feel ready to move up to townhomes or single-family homes. If this is something you plan to do, then you have to find a unit that’s likely to attract tenants, and which will grow in value over time.
Get started by checking out our Condo page to look for the unit you need in the area you’re interested in. You can also call 410.371.0581 and 202.483.6300 or email andy@LNF.com.
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