My spouse (27) and I (27) live in Northern Virginia. We bought a 2 floor condo for $333k in 2024. Our Net annual income is $103k. We're planning to sell the condo to buy a townhouse in the same area. Our long-term goal is to rent this townhouse in a few years and we would move elsewhere, then repeat.
Current mortgage is $2,360 + HOA is $600. We feel like we're wasting the HOA money and would prefer to pay it in actual property, even if the monthly payment is a bit more.
• We're looking at a townhouse for $530k.
• The new mortgage & HOA ($150) would total $3,700 monthly
Is there anything else we should consider?
This townhouse has everything we're looking for: 3 beds, 2/2 baths, 2,200 sqft, deck, patio, garage, good sun exposure. We're going for a 2nd visit today and planning to do an inspection.
I'm not sure if considering our income this would be a good move? It's 37% of our monthly net income. We don't have any other debts besides the condo, which we would be selling at an estimated $370k
Thank you for any advice! (Throwaway acc for privacy) EDIT: I meant spouse instead of partner, thank you all