Location. Location. Location. Did I mention location? When I accepted my first job working for the U.S. government in the D.C. metro area, I knew I wanted to take advantage of living close to the city. Coming from a small town in Connecticut, my heart skipped a beat as I leafed through the real estate pages of the Washington Post. Housing prices in Northern Virginia and in Montgomery County, Maryland are quite steep. Even with the promise of a decent income from Uncle Sam, a house or a condo seemed too pricey for a recent college grad.
So I did what any transient government worker does. I rented an apartment, a very expensive apartment. After watching my paycheck wash down the drain with months of rent payment, I made the executive decision to invest. I contacted a local real estate agent and off we went a-visiting to available condos and houses in the Metro area. As a young, single guy not intending to marry, I bought a condo just twenty-five minutes from D.C.
For two glorious years, I hit the night scene in the city and worked my day job in the suburbs. Life was good. My mortgage was lower than the rent I paid out for an apartment, and I managed to save a good deal of money while living it up outside of the city.
Four years later I’m looking to settle down and buy a home. The way I figure it, my condo should pay for itself once I rent it to some other bachelor or family in need of a place in a good location. Meanwhile, I’ll refinance and put a sizeable down payment on my first home. The condo was the best choice for me since I needed an affordable place in a good location. And, in the long run, buying a condo has helped me get on my feet so I can buy a home.
When I buy my new home, again, the most important factor for purchasing will be location, location, location. If I don’t live near things to do and close to work, then life would not only be boring but I’d be spending far too much time sitting in my car making a commute. Location. It is so key.