Tuesday, April 28, 2015

How to Know If You're Ready to Buy Your First Northern Virginia Home

With the rising costs of rent in Northern Virginia, it is no longer a smart financial decision for area residents. Mortgage rates are historically low, the market is beginning to heat up and homebuyers are noticing. 

 However, if this is your first time purchasing a home in NoVa, you need to be ready to assume the responsibility of homeownership. Here are four questions to ask yourself to determine if now is the right time for you to buy:

 Can you afford the costs?
Hopefully you have been saving for a downpayment and other costs over the past few years as homeownership comes with its fair share. You should have enough to cover 20% of the home's purchase price to secure the best mortgage rate and avoid private mortgage insurance (PMI). 

 It is also wise to be prepared to pay closing costs which can typically range from 2 to 5% of the home's purchase price.

 Can you afford the payment?
You may have found the perfect home in Arlington, Alexandria, Springfield, Reston or Centreville, but it's important to know if you can afford to take on the mortgage payment. Take the steps to get pre-approved with a lender to first see how much the bank will lend you. After, you can begin searching for homes in your appropriate price range. 

 Can you afford the upkeep?
When renting, you likely do not have the expense of maintaining the property. When you are a homeowner, repairs are all left up to you! Do you have enough funds to cover a broken faucet or appliance? Or are you willing to learn how to fix them yourself? These questions are crucial in your decision to buy a home.

 Do you have good credit?
If you have great credit, buying a home could be smooth sailing. If not, it's wise to begin grooming your credit report months before you meet with a lender. Any errors can put a hitch in your homebuying plan.

 I have decades of experience in real estate and am here to help Northern Virginia residents (and those relocating!) achieve their goal of becoming a homeowner. Contact me today with any questions about the real estate market or for a list of available homes.
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna. 
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