We have seen a relatively recent, but steady, trend of both new home sales and prices rising throughout the country. Builders’ confidence is up, and mortgage rates still remain near record lows. Now is certainly a great time to buy a new home for sale in Loudoun County. The new homes community of One Loudoun, which consists of residential, retail, corporate, and hospitality, offers an all encompassing living experience. It provides the draws of a big city, but all within a walkable community. Whether you are a first-time home buyer, business owner, restaurant or high-end boutique, One Loudoun is being built to meet the needs of everyone. Purchasing a new home can be a big decision, but there are plenty of resources and professionals that are available to help you through every step of the process. Here are some tips for those looking to purchase a new home in Loudoun County, and why they should consider the community of One Loudoun.
Does the community meet the needs of your family. The One Loudoun community is in an extraordinarily convenient location (at Route 7 and Loudoun County Parkway), in Ashburn, close to Lessburg, 3 miles from Dulles International Airport, and just 25 minutes from Washington, D.C.. The new home community of One Loudoun is a spectacular project, and is being designed with the resident in mind, down to the last detail. The ample open spaces integrated with where residents will work, shop, dine, and socialize lend to a balanced lifestyle that exudes sophistication, culture, and connection. One Loudoun has a variety of innovative home styles which were exclusively designed for the community, including single family homes by Camberley Homes, exquisite townhomes by NVHomes, and a brand new single family home series from Miller & Smith called the “Downtown Collection.”
Know your budget. The new homes of One Loudoun, including single-family homes and townhomes, range in pricing from the low $400s to the upper $500s, suited for young professionals, young and growing families, business owners and government employees. Fannie Mae recommends that prospective buyers spend no more than 28% of their income on housing costs.
Have your finances in order. Most likely a buyer will need to get pre-approved for a loan, get insurance, and pay closing costs. Over the past few years, innovative new loan programs have evolved that only require a 5% down payment or less; some allow buyers to put 0% down. Not everyone, however, chooses to purchase a new home with little or no money down. Since less money down means higher monthly mortgage payments, the majority of home buyers will put some cash up front. In addition to a down payment, potential home buyers will also need cash for the closing costs. These include title and settlement fees, lender fees, taxes and prepaid items such as HOA fees or homeowners insurance. No homeowner should ever be without some type of insurance to protect them in the event of a catastrophe. The main types of insurance associated with homeownership are title insurance, homeowners’ insurance, home warranties, and flood insurance.
Keep the “Big Picture” in mind. The purchase of a new home can be a great investment and a great way to build wealth. Housing trends since 2011 across Loudoun County, as well as the country as a whole, have been positive and have brought about an optimistic view for the future of the real estate market. Many analysts and economists have indicated the high probability for home values to continue rising, especially in growing and affluent areas such as Loudoun County. Purchasing a new home for sale also minimizes a homeowner’s risk of having to pay unexpected costs, such as repairs or replacements that are common in older houses. The quality homes of One Loudoun ensure minimal maintenance and piece-of-mind for new homeowners.