Condos vs. Single-Family Homes: Which Is Better for You?


Both condos and single-family homes have their share of benefits and downsides. Whichever is best for you depends on your situation.

Should you buy a condo or a single-family home? What are the benefits and downsides of each?

Younger buyers who don’t have families to take care of or don’t want to live in the suburbs gravitate toward buying condos in Arlington or the DC area. Three or four years later, however, they usually end up making the move to a single-family home because they now have families and pay attention to school districts and other details that pertain to that change in lifestyle.

One of the biggest benefits of buying a condo is that your level of maintenance is very low. Certain amenities are taken care of for you, as well. For example, you might have access to a pool or an assigned parking place. If you travel a lot, condos are especially ideal to own because they’re turnkey. You can leave for two months and come back and everything will be the same as you left it.

If you plan on having a family, you can probably skip buying a condo.

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One of the downsides to condos is you can’t make any upgrades or renovations to them, usually because their bylaws restrict making any serious changes. With a single-family home, you can do whatever you want to the property, though that can depend on whether you live under a homeowners association.

One of the downsides to single-family homes if you work in downtown DC is you’ll likely be commuting to work from further away. If you work elsewhere and you plan on having a family, you can skip owning a condo and buy a single-family home somewhere with a good school district.

Depending on your current situation, you don’t necessarily have to do one or the other. Like I said, buyers in our market often buy condos or townhouses and then sell them before settling in a single-family home.

If you have any further questions about the advantages and disadvantages and condos and single-family homes and which one makes the most sense for you, give me a call. I look forward to talking with you soon.

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Location: Washington, DC, USA

Should You Invest in an Airbnb Property?


Should you invest in an Airbnb property? There are three things you should know if you are considering this move.

Is Airbnb a good investment?

There are a lot of people researching this new investment opportunity. We have one person beta-testing a property in D.C. and another in northern Virginia strictly as Airbnb rentals, so I’ll be able to give your more specific information about those investments in the next few months and tell you if that provides a good cash flow.

For now, there are three things you should know if you are considering an Airbnb investment property:

1. Location and zoning. Make sure that your Homeowners Association allows short-term rentals. If you have a condo in D.C.,  Maryland, or Virginia, most bylaws do not allow short-term rentals. In fact, you have to have a lease of at least six to 12 months if you have a condo; you cannot do anything similar to a hotel rental.

That said, there are a lot of people who do use their condos as Airbnb rentals because they understand that the city does not have the manpower to enforce those laws.

I do not recommend going that route. You can definitely find townhomes or single-family homes that you can invest in without breaking any laws and still run a very successful Airbnb.

Ultimately, the most important thing is to understand the area laws and know what you should or should not be doing.

2. Decide if you want to hire a professional management company that specializes in Airbnb rentals. The company will provide a turnkey operation; you don’t have to do anything. They can take care of you and you will get a deposit every month, so it is a good way to make a profit. You can also manage the property yourself if you have enough time on your hands.
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Make sure that you know the laws regarding short-term rentals in your area.

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3. Have an exit strategy. I always recommend that you have an exit strategy for your investment properties. The first exit strategy would be selling the property. If you decide that the Airbnb property isn’t working for you six months after buying it, you need to know what kind of haircut you will have to get if you decide to sell.

Remember, with relocation taxes, closing costs, and broker fees, you will need to spend money to sell the home. You need to make sure that you can sell in six months without losing money on your investment.

The other option is to turn your Airbnb property into a long-term rental. Get a tenant in for 12 to 24 months so that you can create a positive cash flow without losing any money.

As I mentioned earlier, I will have some more details for you on Airbnb investment properties in the next few months. If you have any other questions in the meantime, please don’t hesitate to reach out to me. I would be happy to help you!

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Location: Potomac Falls, VA, USA

How Has the Real Estate Market Changed in a Year?


We saw a lot of encouraging signs in our market during the first quarter of 2017. Here’s what we are excited about.

We are already well into the second quarter of 2017, so I wanted to take this opportunity to give you an update on the real estate market from the first quarter of this year. We compared the numbers from the first quarter of 2016 to the numbers from the first quarter of this year, and here’s what we found.

The median sales price in northern Virginia is up 2.2% from last year to $425,000. The average days on market is down 21% from last year as well.

In the Maryland suburbs, the median price is up 9.69% from last year and now sits at $317,000. The average days on market here is down 17.65%.
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Inventory is down, prices are up, and homes are selling fast.

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Finally, in Washington D.C., the median sale price is up 3.38% to $527,250 and the average days on market is down 8.7%.

As you can see, inventory is down, prices are going up, and homes are selling faster. In addition to the real estate market, the lemonade market is doing well too, judging from the success my daughters had at their lemonade stand in the video above.

If you have any questions for me about the market or buying or selling real estate, give me a call or send me an email. I would love to hear from you.
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Location: Washington, DC, USA
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