18 Things to Consider Before Buying a Home in Virginia, Maryland or Washington, DC

I recently spoke with a prospective client regarding the possibility of buying a home in and around the northern Virginia area.  From this conversation, I realized that living in and around northern Virginia can mean different things to different people.  Some people describe it as living in the northern most cities in Virginia such as Alexandria, Arlington, Springfield, or Falls Church.  Others describe it as living in Virginia, Maryland or Washington, DC. 

For those who describe it as the latter, here are a few things to consider before deciding whether to buy your next home in Virginia, Maryland, or Washington, DC.  While house hunting can be very exciting, it can also be exhausting if you do not have a definitive course of action.  Thus, here are 18 things to consider in order to make the most effective use of your time.

Price:  Everyone has a maximum price point.  Regardless of your income bracket, you will have a maximum loan qualification amount and a maximum amount that you would like to spend on housing per month.  Although these amounts may differ, it is important to speak with your lender as soon as possible to determine your price points.  Taking this very important step will be extremely helpful in narrowing down your desired locations.

Amenities:  After determining your maximum price point, it is necessary to evaluate your list of amenities.  Begin by making a list of everything you would like in your new home.  Next, you should prioritize the items on the list.  Armed with a definitive price point and your list of "must have" amenities will help to narrow your decision to one definitive state and minimal locations within that particular state.  

Location:  Now you must prioritize your locations.  Having a definitive price point and a list of desired amenities can help you make this determination.  Your REALTOR® can assist you by sending you a list of available properties that match your desired price point, amenities, and location.  If you choose a location and there are no available properties that match your desired price range and amenities, you must then decide which of the three factors (price, amenities, location) is more important to you and begin altering the factor that is of least importance.

Housing prices:  Housing prices are at their highest in DC and VA depending on the areas selected.  MD's housing prices are less costly than DC or VA. 

Real estate taxes:  Real estate taxes are higher in MD than in DC or VA. Of the three locations, VA has the lowest real estate taxes.

Salaries:  DC employees have the highest salaries followed by VA and MD. 

Public transportation:  There is a variety of public transportation options throughout VA, MD, and DC.  Regardless of your home's location, there is sufficient public transportation access to suit your needs.

Schools:  The quality of the school systems in the tri-state area vary depending on the city or county of location.  For specific information on schools in the tri-state area, please visit the school or county website. 

State and local taxes:  MD residents pay higher state and local taxes than residents in VA.  In most cases, DC residents pay lower taxes than residents in MD and VA.

Sales tax rates:  VA sales tax is 4% with a maximum of 5% after local surtaxes.  Cities and counties in VA can charge an additional 1% local sales tax.  MD and DC have a sales tax of 6% with a maximum of 6% after local surtaxes.

Vehicle registration fees:  Vehicle registration fees in VA are $40.75 per year; in MD $64 per year; and in DC $72 per year.

Personal property taxes:  VA charges its residence a personal property tax on all vehicles.  MD and DC do not levy personal property taxes on cars.

Gasoline tax rates:  VA has the lowest gasoline tax rate at 17.5ȼ per gallon.  MD and DC gasoline taxes are slightly higher at 23.5ȼ per gallon.

Technology:  VA leads the tri-state area for the most technology-based firms.  MD and DC are relatively close with MD edging slightly ahead of DC.

Alcohol:  VA has a much higher tax on alcohol than does MD or DC.

Water:  Water usage is priced higher in DC than in VA and MD.  DC charges the same rate regardless, while VA and MD charge reduced rates based on consumption.

Night life:  DC dominates the party scene followed by MD and VA.  If you are interested in late night restaurants and movie theaters, you will find them both throughout the tri-state area.  For plays and concerts, DC is the predominate host but VA and MD have them as well.

Crime statistics:  For current information on crime rates in VA, MD, or DC, please contact your local police department.

If you are interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia and Maryland, please contact me for assistance.  My specializations include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, relocation, and divorce.   

Lisa Dunham, MBA, CDPE, ABR, ePRO 
Allison James Estates & Homes 
703-298-6546 (Mobile) 
Lisa@LisaDunham.com
www.LisaDunham.com