5 Things You Must Know Before Buying a Home in D.C. When You’re Relocating
D.C. has seen a continuous population spike over the last 10 years, so it’s no surprise that people from all around the world are moving to the area. With the 14.6% population increase every year since 2010, people are choosing to move to the city and the surrounding suburbs for many reasons including its strong job market (Hello, Gov’t workers!) cultural diversity and robust economy. Washingtonians are one of the most educated groups of people in the country, they love an evening run along Rock Creek Park after work, and Sunday brunches are an event here. It’s all part of the culture. If you’re deciding to make the D.C. area home like so many others have, here are a few things you should know about making a move to the District when you’re coming from a different state:
1. The DMV is Not another Government Agency
DMV stands for D.C., Maryland, Virginia…I know what you might have thought, and it’s not the place where you get tags for your vehicle and wait in line for half of the day. If you’re not from the area, I can understand where you may have thought it was similar to the MVA (Motor Vehicle Administration). D.C. is a fairly small city of 712,000 and recently ranked 7th fastest growing city in the nation. It is situated between both Maryland and Virginia and not unusual, for people to work in D.C., live in Virginia, and shop in Maryland for example because both states and the district are very close in proximity. On a good day, with little traffic (doesn’t happen often), you can drive through D.C. in about an hour. People use the acronym DMV, to explain anywhere around the general metro area of D.C., Maryland, mainly Montgomery and Prince George’s County, and Northern Virginia also known as NOVA.
2. The Metro is a “Thing”
Currently, Washington D.C. has 6 metro lines, all distinguished by colors with 1 brand new line, the Purple Line that is under construction. The transit system in D.C. is one of the best in this country and many people rely on it to get around the DMV area (there goes that term again). The transit system is not as popular as New York’s for instance, but many people will forgo having a car or multiple cars and take public transportation instead. Many desirable areas will have access to metro stations around the city, and you will pay a premium to live near a metro.
3. Even Tear-Downs are Expensive
Recently I saw a Tik Tok, of a person who posted a photo of a complete tear down house, with shingles falling off the sides of the house, overgrown trees in the yard, and a caved in roof and the caption read- “Tell me you live in D.C. without telling me you live in D.C.” and the price point of the house was $600,000. This social media post couldn’t be more true! D.C. is a very expensive city. It was ranked 4th most expensive city according to Fox 5 D.C. Be prepared to see fixer uppers and tear downs in some of the most desirable neighborhoods cost well over half a million dollars.
4. Every Quadrant has its Own Personality and Price Point
Washington D.C. is divided into 4 quadrants- Northwest (NW), Northeast (NE), Southwest (SW), and Southeast (SE) with the Capitol building at the center. The biggest quadrant by area is NW…and generally the most expensive one. NW is the largest comprising of almost 42% land mass and having the largest population out of the four. The most expensive homes in the city and some of the most popular areas to live are in NW which is also where Rock Creek Park runs through the center of this quadrant. Rock Creek Park is one of the largest urban parks with over 1,700 acres of walking and biking trails through that part of the city. Next is NE, which is like the cool younger cousin to NW. Some of D.C.’s notable universities are in NE, for example Catholic University of America and Gallaudet University, many of the neighborhoods here are up and coming and have some of the trendiest and most sought after real estate. SW, is like your favorite aunt on your mom’s side; it is fairly small part of the city with the Anacostia River flowing through most of it. “The Wharf”, which is a beautiful redevelopment of mixed used retail and residential sits right off the Potomac River in SW which is a must-visit when you come to D.C. And lastly, SE, which is like your smart and wise beloved grandpa; has a little bit of everything. Located in SE you will find, historic Capitol Hill, popular new neighborhoods such as Navy Yards close to the Nationals stadium, along with rich cultural rooted neighborhoods. SE is one of the most affordable areas of the city.
5. HOA Fees Can Equal Rental Payments
There are plenty of condos and coops in the D.C. area available to purchase, and they are much more affordable than single family homes in the area. Although the asking price of many of these residential homes may be much lower than SFH, make sure you check the HOA (Home Owner’s Association) fee amount, how frequently they are charged, and if there are other association fees like condo fees are also collected in addition to the HOA fees. Since there are so many high rise buildings, old and new alike, these buildings will likely have high HOA fees similar to the tune of a small rental apartment in the Midwest. Many of these HOA fees cover things such as reserved covered garage parking (an absolute premium in the city), building maintenance, reserve funds, pools, fitness facilities and concierge services. These fees are sometimes charged monthly or quarterly. Make sure you check to see if there are other association fees charged by that particular building or community other than the HOA, the most common other charge is a condo association fee which could be collected by an entirely different management company than your HOA.