More and more Twenty Something’s in the District are thinking about taking the next big step (or first big step) in their lives by buying a piece of property. With a recession, a lack of job security, the convenience of renting, and all the misconceptions out there about buying, how does one know when they’re ready to buy?
Marc Dosik, a Broker with Help-U-Sell Real Estate helps young buyers answer that very question. With offices located in hip, transitioning areas, Dosik tends to work with younger customers and understands their needs. I sat down with him recently and got a roadmap for the young D.C. buyer.
Twenty Something: When is the typical twenty something ready to buy a home?
Marc Dosik: If you’re going to be in the DC area, now is a great time to buy. And if you’re open to being a landlord, then buying might still be an option even if you don’t plan on staying in the District.
TS: Where is the best place to buy?
MD: DC is the best market but it’s also the most expensive. In Prince Georges county you tend to get more for your money. So it just depends on where you’re working and what you have to spend. But the District has great tax incentives for first time homebuyers. If you qualify for the tax credit abatement you can save up to $2100 on the one time recordation tax and your property taxes can be abated for up to five years.
TS: What financial shape do you need to be in to buy a home?
MD: Most lenders need a credit score of about 600 and you’re going to need about $7,000 or 3.5% to put down towards the house. And your monthly dept — including your mortgage– should not exceed 50% of your monthly income.
Interested in buying or renting? (Yes! They help with renting too at NO cost to the renter) Contact Marc Dosik or Bruce Small: