Tips for First Time Buyers

Yahoo Real Estate recently posted a few tips for first-time home buyers, listing a few things that could help the process move along smoothly. Beyond knowing the price range and the general location of the potentiall home, there are a few initial steps a buyer should complete before stepping foot in an open house.

The community of One Loudoun has a unique and varied list of homes options, appealing to a wide range of buyers. As Loudoun County continues to grow and attract buyers of all ages, One Loudoun will strive to satisfy the tastes of everyone from the first-time buyer to the nearly retired. Below are a few tips that may help first-time buyers during their home search.

Basic Initial Steps:

-Understanding your household budget and finances. This almost seems too basic, but sometimes not everyone is aware of each dollar coming in and out of the household bank accounts, so getting a clear picture of your financial situation is crucial.

-Use your most immediate resources – family and friends. Many times the best connections to lawyers, realtors, and inspectors come from recommendations by those close to you.

-Research your market and know what to expect. There’s nothing that could stop a home buying process dead in its tracks quite like the slap of disappointing reality onset by unrealistic expectations. The quality and prices of homes could vary from neighborhood to neighborhood, even block to block. Some basic online research will set realistic expectations from the start.

Tips from Yahoo Real Estate:

1. Buying a home can mean building significant value through the years.
2. Think carefully about how much you can afford to spend and consider borrowing guidelines like those used by Fannie Mae.
3. Pre-Qualifying with your lender is a good way to determined how much house you can afford.
4. You will need cash for a down payment and closing costs. Generally speaking, the higher the down payment, the lower the interest rate and monthly mortgage payment.
5. In addition to your mortgage payments, you will also need to consider the other costs of home ownership. Schools, taxes, services, crime rates, transportation, and zooming are important considerations when selecting a neighborhood.
6. Brokers usually represent the seller, but they can be valuable sources of information for buyers as well.
7. Remember to consider resale value when buying your home.

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