The Basics to Buying a Home
Are you thinking about buying a new home in Northern Virginia? Whether you’re a first-time homebuyer who has grown tired of paying rent without building any equity or you’re about to retire and you want to downgrade your space, buying real estate is one of the most exciting experiences you’ll have. In this article we’ll examine some of the basic considerations when buying a home, including how to determine if you can afford a mortgage and what the buying process entails.
The Benefits of Owning a Home vs. Renting
Did you know that about two-thirds of households in our country are homeowners? Owning your own home is a major financial investment that provides a whole host of benefits. The primary reason that you’ll want to own instead of renting is that you will be building equity in your home as opposed to simply paying your landlord each month. Although you may need to take out a mortgage to buy your first home, with every payment that you make you’ll be increasing your ownership in your home and property. Once your mortgage is paid in full, your home is yours and you’ll never need to pay rent or monthly payments again. Whether it’s a large house, a small condo or an empty lot, a piece of real estate is an excellent store of value and in most cases will appreciate over time.
There are other benefits to home ownership as well. You’ll have full control of whatever design choices, renovations and upgrades you want to make to your home so you can change things around to your heart’s content. You’ll also enjoy tax deductions on your mortgage interest as well as the money you receive when you sell your home. Aside from the maintenance required, there are very few downsides to owning over renting.
Can I Afford a Mortgage?
The ability to afford a monthly mortgage payment for a few years is one consideration that almost all homeowners have to make. Do you have a stable income in a career where you will remain employed for the foreseeable future? Are you currently managing your finances without having to take on debt to keep your bills paid? If you are consistently building your savings each month and you’re responsible with your spending you can likely afford a reasonable mortgage.
A Quick Overview of the Home Buying Process
Are you ready to get the home buying process started? After you’ve assessed your finances and you’re confident that you can take on a mortgage payment it’s time to get started.
Finding a Real Estate Agent and Mortgage Lender – your buying transaction will go far smoother if you work with experienced professionals who know how to keep things moving. Find a trusted real estate agent – like us here at the E4Realty Group – and a mortgage broker or bank that will help you finance your purchase.
Begin your Home Search – Once you have your team assembled you can begin your home search. The search bar at the top of this page will let you search through the tens of thousands of property listings on the market in Northern Virginia at any given time. Simply enter in a city, street, public school or home feature into the search box and we’ll show you a list of homes that match.
Making an Offer on a Home – After you’ve found that perfect new home and have viewed it to see if it’s a fit, it’s time to make an offer. Your real estate agent will help represent you in this process and will offer guidance on how much to offer the seller and what conditions you may want to attach, if any.
The Closing Process – Finally, after you’ve negotiated the terms with the seller and you have both signed the purchase agreement you can begin the closing process. You’ll need to get a home inspection completed to ensure the home is in great shape, an appraisal to assess its true value and complete a bit of documentation. Again, your real estate agent is here to guide you through this process so you can start getting your move prepared.
Do You Have Other Questions?
While it might seem that buying a home is a complex process, in truth you’ll find that with our professional assistance behind you finding and closing on your dream home is quite easy. If you have other questions about buying real estate in Northern Virginia or if you’re ready to start your house hunt, contact the E4Realty Group today at 703.722.5018 or by email on our contact page and let’s get started!