A condo is the most affordable thing to buy in the TC

There are a handful million dolla properties for sale in Truxton Circle, so we’re not affordable no more. And this place gentrified some time ago, so stick a fork in that. Yes, the Northwest Cooperative is still an affordable place and there are a few (a few) ‘affordable’ units in the pipeline for the vacant lots. I suspect it’s not easy to just get a rental at the Co-op, and there will probably be some competition for the new units.
310 P St NW As far as something “affordable” to buy, you’re stuck with either condo units or handyman specials. Chapman Stables has two units under $400K, one being a studio the other a 1 bedroom. There’s a 1 bedroom in a smaller condo on Q St for $375K.  Townhouses in that general price range are handyman specials already under contract. There is a house on my block that is on the market that requires some work to make livable and would be an okay purchase if there are no plans for an expansion.

Personally, I’m not a fan of condos, as they come with condo boards, which sometimes contain crazy people. However, a condo is like a starter home. It’s not the best place to build equity, but it’s something. A person can move up from a condo to a house.

But some say it is impossible to come up with the 20% down payment to buy a place. I’m going to tell you a little secret. You don’t need 20%. Twenty percent is very nice, it makes your mortgage payments cheaper, but it isn’t required. I know this because I did not have 20% or even 10% when I bought my house. I think I put down 3%. There are down payment assistance programs in DC to help. Well, what about people who can’t even save 3%? Houses and condos have problems, even new ones, and those problems cost money. If one cannot keep money in savings, as soon as one of these problems crop up, homeownership will sink the owner.

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