- Get pre-approved. Pre-approvals inform the seller that you can afford to purchase their home and that you've met with a lender who has agreed to finance your purchase. You will also know how much you are qualified to borrow. No sense in looking at $500,000 homes when you only qualify for a $400,000 home.
- Find the right Agent. Buying a property is one of the biggest undertakings you will face in your life so it pays to have a professional who will be with you every step of the way. It makes sense to work with someone who has more education and experience than you. At the end of it all, hiring a real estate agent will save you time and money.
- Educate yourself on the cost. There is more to buying a home than just the purchase price. Closing costs, inspections, appraisal, moving fees, homeowners association, homeowners insurance, and other fees are often a surprise to unprepared buyers.
12 Ways a Realtor from Condo Alexandria Can Help You
8 Tips to Guide Your Home Search
1. Get your finances in order.
Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can't afford.
2. Research before you look.
Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you'd be willing to spend each month for housing. Is walkability important to you? How about proximity to the Metro? Perhaps you want your new home to be in
? Whether you want a condo in Arlington or a single family home in Kingstowne, a townhouse in Cameron Station or a studio in Crystal City, Nesbitt Realty probably has a search tailored to your needs. If you have trouble finding the search that you need call us and we'll be glad to help you out.
3. Be realistic.
4. Don't ask too many people for opinions.
It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own. Your home is a personal choice. In the end you're the one who will pay the mortgage and you're the one who will live there, so make sure you're pleasing yourself, not your advisers.5. Decide your moving timeline.
When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.6. Think long term.
Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that will best suit you.
7. Consider a home inspection.
A home inspection is an option for every home buyer. A home inspector is a professional whose job it is to check the home out for defects. Whether you purchase a condo, townhouse or single family residence, a home inspection is an important option to consider.8. Get help from a REALTOR®.
Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. Here's the best part about employing a Realtor to represent you: buyer's reps are usually paid out of the seller's commission payment, so there is no expense to you the buyer. For more information or to set up an appointment call Julie at (703)765-0300.Do I need pre-approval before home shopping?
- Offers will be rejected in favor of lower offers by pre-approved buyers.
- Delays can result as you await approval by your bank.
- Too late you may find the home you are looking at is beyond your budget
or
- A better home could have been yours if you'd known what you could afford
- Time can disappear into looking at homes that disappear from the market before you're ready to make an offer and
- Effort invested into your search can be wasted as you await pre-approval to have an effective offer.
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7 Things a Homebuyer Should Know About Alexandria VA
- Alexandria is an independent city. Alexandria is not part of any county and the city government performs the functions of the county government.
The George Washington Masonic Memorial at night - Many homes with an Alexandria address are not in Alexandria at all. A large number of homes with Alexandria addresses are found in Southern Fairfax County.
- Alexandria is a historical city with roots reaching back to the colonial era. Many historical figures (like George Washington and Robert E. Lee) lived, worked and played in Alexandria.
- The Alexandria area is broadly divided into the following areas: Old Town, Del Ray, West End, Arlandria, Seminary Hill and Mount Vernon.
- Alexandria VA is served by the Yellow and Blue Lines of the Metro and by Amtrak and the Virginia Railway Express.
- Depending on whether the home is inside or outside the City of Alexandria, Alexandria homes are served by either the Alexandria City public schools or the Fairfax County public school system.
- Nesbitt Realty is a family-operated brokerage serving Alexandria and Northern VA.
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10 Ways to Prepare to Buy a Home
- Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.You can also check out our affordability calculator.
- Develop your home wish list. Then, prioritize the features on your list.
- How many bedrooms do you need?
- What amenities or features do you prefer?
- Do you need a garage?
- Do you want a water-front location?
- Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
- Do you prefer a commuter-friendly location or perhaps even a "walkable" home?
- Perhaps you want to live near a specific military installation such as the Pentagon or Fort Belvoir?
- Are you looking for a particular ?
- Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price. Check out our closing cost estimator.
- Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
- Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
- Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
- Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
- Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
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Will Nesbitt is the principal broker of Nesbitt Realty - Contact Nesbitt Realty. Nesbitt Realty is a local family-run business that cares about your needs and has helped many people like you successfully navigate the home buying process.
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