NOVA Homes Blog: Buying a Home in Northern Virginia Offers More Benefits Than Renting

Tuesday, November 10, 2015

Buying a Home in Northern Virginia Offers More Benefits Than Renting

Buying a home can feel like a major obstacle for many first-timers in the Northern Virginia and DC area, but passing on the opportunity this year could create an even bigger hurdle. As rents continue to rise and mortgage rates continue to remain under four percent, the answer is clear— buying a home is a better investment than renting.

Homeownership allows NoVA residents to start building equity and long-term wealth. It is a way to provide stability for households and a means of reinvesting wealth, into your own pocket. If you continue to rent, tossing more money out the window each year, you place yourself further from these benefits.

Believe it or not, Northern Virginia homeowners also have the ability to save money each month by investing in a home instead of a rental.

A new report on the local DC area real estate market found that renters spend roughly 27 percent of their income on their housing payment each month where homeowners spend around 17 percent of their income.

Homeowners gain an advantage not only because of the "forced savings" each month, but due to the growing equity and wealth produced by this single asset.

Renters on the other hand, due to rising costs each year and the overall expenses of apartments in the DC area, are unable to save enough for a down payment and are pushed to continue on their current housing path.

But rest assured, first time homebuyers, not matter how you acquire the down payment, whether through family or friends, your investment is one you will not regret. You have a significant opportunity— given low mortgage rates and current housing prices—to better channel your monthly housing payment and watch your net worth build.

Prices and rates will only go up from here, so do not let this time in the real estate market pass you by! Give me a call today!

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore

Long & Foster Real Estate, Inc.
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When you first meet Earle, she greets you with a firm handshake and a broad smile. She has a certain charm and friendly nature that immediately set you at ease. As you talk to her, she listens intently. You can see by the earnest look on her face that she’s already developing ideas and strategies to accomplish your goals. By the end of your conversation, you’re surprised that someone can have such a clear understanding of your needs after just one meeting. This is the essence of Earle’s real estate service. She’s a straightforward businesswoman who doesn’t let up until her clients are satisfied.
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Northern Virginia is a thriving area consisting of several communities that thrive with historical and cultural richness as well as physical beauty.
With all that the Northern Virginia area offers, there’s never a shortage of things to do, natural beauty and great schools. From the ocean to the mountains to the nation’s capital, this is a part of the country that has it all!
Earle has assembled some helpful resources to help you with finding your new home. From her comprehensive list of Local Links, her Home Style Guide, or hands on personal help, described below, you know you can count on Earle.