Why Buying a Condo in Virginia Beach Might Be More Affordable than Renting
Renting vs Buying in Virginia Beach
Virginia Beach is one of the most popular beaches on the east coast, so it sees a lot of population shifts over the course of a year. This is also why condominiums tend to be one of the most popular types of housing in the area.
While renting a condo might be the first thing to come to your mind if you’re thinking about moving to Virginia Beach, recent trends are indicating that it might be more prudent to buy rather than rent.
Virginia Beach’s Rental Market
The rental market in Virginia Beach is seeing tremendous growth in recent years, and this year is expected to be no different. The average rent in the area is expected to rise by 6.77% this year, as reported by RentJungle.com. The average rental will cost $1,270 per month in 2019. Two-bedroom rentals have seen the highest increases with this year’s average of $1,300 proving to be an 8.69% increase over last year. The rent for a one-bedroom in Virginia Beach rose by 7.37% this year.
What Can You Buy for the Price of Your Rent in Virginia Beach?
When you are being forced to pay this type of rent, it makes sense to weigh your options to see if buying might make better sense. So, what kind of condo can you buy in Virginia Beach that might prove to be a better use of your money?
The great thing about Virginia Beach is that its housing market is still surprisingly affordable when compared to the trends that have occurred in its rental market. It is not rare for condominiums to be found for around $170,000 in this area.
Take this property, for instance. For $169,900, you can get a 1,400 square-foot condo with three bedrooms and three bathrooms. It has a spacious deck and a gated back yard, and the inside has been completely renovated top to bottom.
If you take this property and purchase it using the current rates (5%) and 20% down payment ($33,980), then you’re looking at a 30-year mortgage at $959.01 per month. This is a savings of $340.99 per month versus renting a two-bedroom, and you’re gaining two extra bedrooms.
The Investment Factor in Virginia Beach
With Virginia Beach being such a popular tourist destination, it is also a great place to invest in property. Purchasing a condo and renting it out in the summer months has the potential to bring in enough money in rent to cover the cost of your mortgage all year long.
When you rent, you’re giving your money away in lieu of living in the place. But by buying a condo, you’ll be gaining equity. Further, by going the investor route, you may be able to pay your condo off earlier and start earning a profit.
Find the Perfect Condo in Virginia Beach With Homes.com
Homes.com is the quickest and easiest way to find a condominium for sale in Virginia Beach. With our search tool, you can see full-color photos of properties and all the details you need to know. Our mortgage calculator can help you find the right condo for your budget, and if you need an agent, we can help you find one of those too. Let Homes.com help you find the perfect home or investment property in Virginia Beach today!