Yesterday while on floor duty at my office, I either talked my way out of a potential sale or took a good step towards earning some clients’ trust. A couple from Northern Virginia came in asking about condos in the area, strictly for investment purposes. After much discussion about their target rental market (professionals, not undergrads), timeframe for purchasing and other factors, we came to a simple conclusion. Purchasing a nearly $300k, one bedroom condo that could be rented for perhaps $1200-$1400 a month (on a good day) was not a wise financial investment. The mortgage payment would be, assuming a 20% downpayment, at least $1400 a month, plus a $200 condo fee.
Sometimes purchasing a property purely on a speculative basis, especially when so many others are doing the same thing, is not the best decision.
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I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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