Housing expense in Northern VA is one of the more expensive areas in the United States. Even with good salaries in the area, many find themselves feeling a little “house poor”, particularly with future first time home buyers saving for that down payment. The cost of renting your living space by taking in a roommate dramatically decreases your housing expense, but this got me thinking. Why rent with a roommate, buy and rent to a roommate!
What if you purchased a home and took in that same roommate?
The savings you would gain by adding a roommate would also occur if you purchased a home. This presents an opportunity for a list of possible purchasers. Here are two examples:
- The first-time buyer: As the report explains, many young adults in Northern VA already live with a roommate. If they purchased a new home, perhaps that roommate (or someone else) would be willing to rent a room in their new house. The rent could help offset the mortgage payment.
- The empty-nester seller looking to move: Their home may no longer fit their current lifestyle. They may now be looking for something a little smaller with all the bedrooms on the ground level. These families may be able to open a bedroom to an older family member (parents, aunts & uncles, etc.). This would kill two birds with one stone.
A smaller, move-down home is almost impossible to find in the current housing market. If the seller-turned-buyer takes on a tenant, they could buy a more expensive home knowing that the additional monies needed to pay the mortgage would be offset with the additional monies they receive in rent. Secondly, the older couple (ex. parents) could get a housing option that probably far surpasses anything else available to them in the current market.
Considering renting a portion of your house, town home, or condo to be able to purchase in Northern VA. You will need to decide if it is right for you and I can help in Alexandria, Arlington, Ashburn, Burke, Centreville, Chantilly, Dunn Loring, City of Fairfax, Falls Church, Great Falls, Herndon, McLean, Oakton, Reston, Sterling, Tysons Corner, Vienna, or anywhere in Northern VA.
Article originally posted on my KCM blog, here.