Have you been considering buying a home? Now is a great time to invest in finding the home of your dreams! Reach out to the Move With Marion Team today to get started on finding your dream home!
8 Simple Steps That Will Make Buying a Home Feel Like a Breeze!
Step 1: Set a Budget
One of the most important decisions you’ll make when buying a home is how much you choose to spend. Buying a home is a great investment for many people looking to build their financial portfolio, as they can build equity in their home. However, it is important to consider what you can afford each month for a mortgage payment and what can be an initial down payment.
One thing to remember when buying a home is that there are additional costs that will add to the total price. These include closing costs, fees, homeowners insurance, and taxes on the home that can increase what you initially thought you might pay. Make sure your credit is in good standing to aid you in buying a home. Another key tip when thinking about setting a budget is that nowadays, you don’t need to have the traditional 20% down payment—there are actually many other options available to you!
Step 2: Shop for a Home Loan
After setting a budget, the next thing you should consider is finding a good home loan. Search for a trustworthy lender that can help you choose the right loan for you. Understanding what type of loan you will qualify for will determine how much house you can actually afford. We recommend checking with the Better Business Bureau, asking for recommendations from family and friends, and speaking with at least three to four lenders before making a final decision.
Would you like to find lenders specific to the Northern Virginia area? Reach out to us at (703)-298-7355.
Step 3: Research Homes in Your Desired Location
If you already have a few favorite communities in Northern Virginia, start researching current prices and listings to get an idea of what’s on the market. Do you have a particular neighborhood in mind from the Fairfax Station area? Contact our team today for the neighborhood sold report!
Step 4: Find an Agent, Then Find a Home
Having a real estate agent isn’t always necessary, but it’s HIGHLY recommended that you work with one unless you’re an extremely experienced buyer or a lawyer. Your agent should be someone you can trust, but they’ll also serve as an expert on the real estate available in your neighborhood and can help you fully understand the buying process.
Once you have found the right agent, it’s time for the fun part: kicking off your search! Go tour homes (in-person or virtually) and make notes of what you love and what you could do without. Try keeping a spreadsheet of the homes you visited and compare them after showings. Taking your own pictures can help keep memories fresh when you tour homes.
Looking to buy a home in Fairfax Station or another community in Northern Virginia? Search for your dream home today!
Step 5: Submit an Offer and Get an Inspection
Once you have found the home of your dreams, it is time to work with your agent to determine a competitive yet reasonable price. An ideal offer is one that is still comfortably in your price range, but still high enough for the seller to not immediately reject the offer.
Because nothing is final until you've signed on the dotted line, now is the time to ensure you are getting your money’s worth! Ask your real estate agent to recommend a trusted home inspector to go through the house and check for any potential defects or problems. If extensive or necessary, you can ask the seller to repair any issues that are found before you sign the contract.
Step 6: Review the Contract
Before signing anything, it is imperative that you carefully review the contract with either an agent or a lawyer to ensure there are contingencies. In other words, if something were to fall through on your mortgage, you won’t be obligated to purchase the home.
Step 7: Finalize Your Mortgage Approval
After the previous steps have been completed, work with your lender to submit your mortgage application. You should then review the predicted closing costs. Common closing costs include attorney fees, title insurance, appraisal fees, home inspection fees, courier fees, government recording fees, and taxes.
Step 8: Close and Finalize Payment
It’s closing day! Such an exciting day in the process of buying a home. This is when you will meet with your agent, the lender, and the seller to finalize the paperwork, sign your contracts, and take care of the down payment and closing costs. After all of this is done, you'll finally receive the keys to your new home!
Are You Ready to Find Your Dream Home?
If you are ready to call Northern Virginia home, then it is time to call Move With Marion! As locals, we know the ins and outs of the area and are happy to answer all of your questions. Contact us today to get started!