Is Owning A Home Easier Than Renting In Alexandria?

Realty and Property Management

Owning a home is a major achievement and a great investment for many individuals living in Alexandria. The City of Alexandria features many residential areas where individuals own their own home while other are currently paying rent. A recent survey conducted by Lendingtree shows that individuals believe owning a home isn't difficult as renting. More than 2,000 homeowners were surveyed and 15% believe that renting is easier compared to 67% who believe owning is easier. Continue reading

5 Major Reasons Why You Should Buy a Home Instead of Rent

Realtor Stuart
Realtor Stuart Nesbitt
There are times when it is better for a person to rent, but most often home ownership has many more benefits and advantages. About 10 year ago a had a retired aunt and uncle who rented a condo in Las Vegas. Uncle Jim (not his real name) was a retired minister. Throughout his career he and his wife lived in parsonages, which are homes furnished by the congregation while they ministered there. Continue reading

Home Loans

Home loans make the process of buying a new home more affordable than ever. As you may already know, these types of loans give you many opportunities that wouldn’t be possible without them. When you buy a home, you should understand as much as you can about the process, as well as the questions you will be answering. This way, you’ll be familiar with how things work and you’ll find the entire process to go much smoother.Continue reading

7 Common First Time Home Buyer Mistakes

Here are seven of the most common mistakes that first-time home-buyers make in Northern VA.
first time home buyer
First-time home buyers contact Nesbitt Realty!
  1. Some first-time home-buyers don't do enough to make their offer look appealing to a seller. [Read more about Writing the Offer
  2. Some first-time home-buyers don't think about resale before they buy. The average first-time buyer only stays in a home for four years.
  3. Some first-time home-buyers don't understand how a buyer's rebate can actually hurt their chances of buying a home.
  4. Some first-time home-buyers avoid getting a Realtor® because they wrongly believe they have to pay for a Realtor's advice.
  5. Some first-time home-buyers don't ask enough questions of their lender and end up missing out on the best deal.
  6. Some first-time home-buyers don't act quickly enough to make a decision and someone else buys the house.
  7. Some first-time home-buyers don't find the right agent who's willing to help them through the homebuying process. [Read more about Buyer's Representation]
Fort Hunt real estate agents.
Nesbitt Realty can help you buy and sell real estate in Fort Hunt.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

Fort Hunt

homes and condos for sale in Fort Hunt area of Fairfax County VA  

Home Contractor Scams a Growing Concern

Home contractor scams are often on the rise in the spring, and home owners should take steps to make sure they aren’t duped. The scams often target the elderly, with scammers offering to complete yard or household work for money up-front and then never completing the work after the payment is collected. Or, contractors may complete the work but then attach a higher price than was originally agreed upon. Several reports of home contractor scams across the country have surfaced in recent weeks. For example, a 77-year-old man in the Philadelphia area was reportedly scammed into paying for a roof repair, which he later discovered was completed using a useless, tar-like substance. In another case, an 83-year-old woman paid a contractor $4,300 and then never saw him again. "In many cases, we see a person posing as a licensed or reputable contractor, and all checks out until the first payment is made to begin the job, and then the subject disappears,” says Tom Burnett, a spokesman for Wymoo International, a detective agency based in Jacksonville, Fla. “We see fake business cards and web sites being used, and criminals can assume the identity of a real contractor, register a company or use an alias. The goal is always the first payment." Burnett recommends contacting the Better Business Bureau to check for any complaints against the company or contractor, asking for references and then actually contacting those references, and asking for the contractor’s license number to verify with your state’s Department of Professional Regulation or the contractor’s state license board. "If someone offers to do a really quick job on your house for a really low price, and it sounds too sound to be true, it probably is,” says Amy Matthews, a spokesperson for Home Advisor, an online site that matches home owners with licensed home contractors. Source: “How to Spot a Home-Contractor Scam,” U.S. News & World Reports (April 24, 2013)
  • Julie Nesbitt

    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

    Read More

  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

    Read More

  • Don’t take chances with real estate.

  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000

    Read More

  • Good Shepherd Housing and Family Services

    Fairfax County
    Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…

    Read More

 

Condo Repairs: Who Pays for What?

Everything built by man requires some maintenance at some point.

Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance. Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters needn't worry about the expense maintaining a property. Many first time buyers aren't ready to take on the hassles and expenses of yard work, gutter cleaning, painting and so on, and for this reason condos are a viable and interesting alternative. In the case of a condo, maintenance can be separated into two categories: owner's responsibilities and association responsibilities. These exact nature of these duties and responsibilities will vary from condo to condo, but there are a few rules of thumb. For example, certain retirement communities provide maid service as part of the condo, but most often the condo owner is responsible for cleaning his own unit. In most cases, the condo owner must clean the condo interior, including all windows which are reachable from the interior. The condo owner must clean of his or her private balcony or patio. Most renters are accustomed to this type of arrangement already. Unlike renters, condo owners own the appliances in the unit. Thus, the condo owner cleans and maintains all the appliances, but the condo owner also pays for repairs and replacements as needed. A condo owner has the power to pick his own appliances, but with that benefit comes the duty of maintaining that unit. In most older condos, the association supplies the heating and cooling to the unit, and the condo owner owns the convector or radiator (heat transfer appliance) in the unit. In new condos, the owner typically owns the HVAC (heat pump / air conditioner) that heats and cools his unit. Plumbing and electrical concerns remain for owners of single family homes and townhouses, but in all but a few rare cases the condo owner need only worry about systems that are outside the walls. For example, the condo owner typically owns the bathroom vanity and the pipes supporting that vanity, but not the pipes which supply water and take sewage away from the bathroom. A condo owner owns his kitchen cabinets, but not the electrical wires inside the wall that bring power to his kitchen appliances. In general, the condominium owner is responsible for his personal space, but the condo association is responsible for all common areas.  This includes maintaining and operating the elevators and outside doors.  In most cases this includes the windows. Most always, the association maintains the lawns, flowers and shrubs. The condo association maintains the roof. While the owner of a single family home must maintain his own driveway, a condo parking lot is maintained by the condominium association. The parking garage can be private, common, or common with assignments.  If the parking garage is common, with or without assignments, the condo association will clean and maintain the parking. A private garage is the domain of the condominium owner.

Review your docs

Ultimately, you'll want review your condo documents, charter and by-law to determine exactly how your condo association interprets its domain.  Rest assured, a condo owner will have more to maintain than a renter, but significantly less responsibility than the owner of a single family residence or townhouse.

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For more information or to set up an appointment call Stuart at (703)765-0300.

5 Reasons Buying Real Estate is Better Than Renting

Are you considering renting in Northern Virginia?  With remarkably low interest rates, perhaps you should consider buying?  Here are 5 solid reasons that buying is better than renting.  
    1. Be your own landlord. The landlord picks the paint colors.  The landlord decides whether pets or smoking is allowed.  If you are the landlord, you make the decisions.  And you decide whether to extend your lease or not.
    2. Paying the principal is forced savings. Everyone knows that paying off a mortgage is better than paying rent forever.
    3. Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.
    4. Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.
    5. Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.
Using a systematic approach is often the best way to go about buying a home in {Location_Name} in order to ensure that decisions are based on information and reason instead of impulse and emotion. While the process of buying a home can be emotional and, consequently, your emotions can cloud your judgment, keeping those emotions under control is imperative. Since our Realtors are locals, they can provide you with an objective opinion that is guided by experience and in-depth knowledge about the market and what it will bear. Our agents can provide you with a small-town business experience while saving you thousands on your purchase. [learn more]   For more information or to set up an appointment call Stuart at (703)765-0300.  

Survey: Americans Dream Big About Home Ownership

Eighty-seven percent of Americans recently surveyed say that owning a home is something they dream about, according to a survey by JPMorgan Chase. "Owning a home is at the heart of most Americans' dreams," says Kevin Watters, CEO of mortgage banking at JPMorgan Chase. "And people are saving as much as possible to achieve home ownership." Sixty-six percent of Americans surveyed say that they believe home ownership is a good financial investment. Seventy-five percent say it’s a crucial part of raising a family. First-time home buyers are getting more optimistic about being able to achieve home ownership too. The number of potential first-time home buyers who say they are optimistic about being able to put money down on a home over the next six months doubled in the last six months, compared to previous survey results. "First-time home buyers are crucial to the housing market and the overall economy—and to their communities," says Watters. "As families buy their first home, they are investing in their communities and enable other families to move up. That will eventually spur more new construction, generating additional jobs." Source: “Survey shows homeownership is still the American Dream,” HousingWire (March 15, 2013)
  • Julie Nesbitt

    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

    Read More

  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

    Read More

  • Don’t take chances with real estate.

  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000

    Read More

  • Good Shepherd Housing and Family Services

    Fairfax County
    Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…

    Read More

Home Ownership Is Within More Americans’ Reach

Low interest rates helped keep housing affordability high in the final quarter of 2012, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released on Thursday. Nearly 75 percent of homes sold between October and the end of December were affordable to families earning the median income of $65,000. "The most recent housing affordability data should be encouraging to many prospective home buyers, because it shows that home ownership remains within reach of median-income consumers even as most local markets appear to be on a recovery path," says NAHB Chairman Rick Judson. The median price of all new and existing homes sold in the fourth quarter of 2012 was $188,000. "It is noteworthy that affordability remains historically high thanks to favorable mortgage rates even as national home price indexes show some rise in values," says NAHB Chief Economist David Crowe. The nation’s most affordable major housing market? For the second-consecutive quarter, it's Ogden-Clearfield, Utah, according to the index. Nearly 94 percent of all home sales there were affordable to families earning the median household income of $71,500. Other affordable major housing markets were Dayton, Ohio; Indianapolis-Carmel, Ind.; Lakeland-Winter Haven, Fla.; and Syracuse, N.Y. Meanwhile, the most expensive major housing market remains San Francisco-San Mateo-Redwood City, Calif. Twenty-eight percent of homes sold in San Francisco during the fourth quarter were affordable to families earning the area’s median income of $103,000, according to the index. Source: National Association of Home Builders [affordability]

Younger Generations Rate Home Ownership Higher

Stuart at Porto Vecchio
Stuart Nesbitt, a chip off the old block
Younger Americans place more importance and hold more favorable views toward home ownership than older generations, according to a new survey from Prudential Real Estate of about 5,000 potential buyers and sellers. About 77 percent of those aged 25-34 and 78 percent of those aged 35 to 44 rate home ownership as “very important.” The millennials and Generation X age group represent the ages between 25 and 44. “Millennials and Generation X — about 85 million people strong — face a unique opportunity in U.S. housing,” says Earl Lee, president of Prudential Real Estate. “They are generally optimistic about home ownership and, by nature, share a strong sense of community. As important, many were not impacted by the real estate downturn and are looking at today’s buying opportunities with keen interest.” Seventy-four percent of all survey respondents say that interest rates at historically low levels make it a great time to purchase a home. The primary drivers for owning a home, according to the survey, were for more control over space, safety, and as an investment. Still, consumers are cautious about the real estate process. Sixty-two percent of respondents say that obtaining financing is more challenging, and 72 percent say that having a trusted partner as a reliable source of information is important to them. “It’s been a tough road but the momentum we are seeing across the economy and real estate market appears sustainable,” says Stephen Phillips, chief operating officer for HSF Affiliates LLC. “Real estate agents have a real opportunity to develop new relations with a younger generation ready to invest in a home, and with others who are returning to the market thanks to improving conditions.” Source: Prudential Real Estate