Are you about to take the dive into home ownership after renting for years? Are you starting to outgrow your first home and seeking something larger? Whether you have accepted another job in another town, or want to downsize now that your children have left your home, or for whatever reason, there are some universal house hunting tips that could be helpful for you to know as you begin your journey.
Going House Hunting?
Start by envisioning what it is that you “must have.” For example, do you need a certain number of bedrooms and bathrooms? Are you looking for a ranch-style home or a multi-level house? Is the quality of the school district important to you? Maybe you are more of the mindset that the grocery stores and interstate access surrounding a neighborhood matters most.
These are all things to talk openly about with your partner or whoever is helping you through the process. Once you create a plan, you will be able to say “yes” or “no” to prospects quickly based on some “musts.” Even better, if you share your list of “musts” with a Realtor, he or she can quickly guide you to homes that match your needs and expectations.
Home Ownership Is Still A Great Investment
Home ownership is a great investment. It is one place in the world where you can spend money and actually build up your own equity while doing so. It is a form of a savings compared to renting. Still, home ownership can be expensive and can include unexpected costs since you are now responsible for repairs, property taxes, insurance fees, on top of your mortgage and utilities payment.
Don’t let this hold you back from moving towards becoming a homeowner, of course. However, do find out what you can afford each month—a top amount that you can handle fairly comfortably. Also, gather the cash that you can in order to make a healthy down payment. Let your Realtor know what your financial situation looks like once you arrive at these figures, and he/she can guide you towards homes that fall within a reasonable range of your bottom line.
Talk To A Lender To Get Pre-Approved
You can even go a step further and visit a lender before you start the house search journey. Getting pre-approved for a mortgage could take quite a bit of the guesswork out for you by letting you and your Realtor know how much of a loan you will be allowed. If you try to figure this out on your own by some website or mortgage calculator, you may miss out on the professional knowledge of different types of loans and specials; also, you may figure incorrectly by not including points and other closing costs that often accompany mortgage loans.
As you are choosing a home, think about how much location matters to you and how much location will matter should the time come when you want to sell the home. Realtors are known to use the phrase “location, location, location” in their business; however, “location” means something different to different types of homeowners. Put your own priorities first regarding school districts, busy streets, commuting, age-restrictions on neighborhoods, a nearby church or library; you are the one who will live there for now.
As you seek a new home, employ the help of a Realtor. You can find one whom you trust and enjoy by asking for referrals from family, friends, and co-workers. As you may be spending quite a bit of time with this person, your choice could greatly influence your experience. Riding around “all day” in a car with your Realtor can be pleasant if you have one whom you trust and enjoy.
Guest blog written by Arlington Virginia real estate agent Aaron Seekford who specializes in helping buyers find their first home. If you’re a first time buyer check out Aaron’s Arlington MLS search where you can also see all Arlington Communities and surrounding areas.
