7 Tips for First-Time Home Buyers in Northern Virginia
by Tyler on 09/17/09
To all of those first-time home buyers out there in Northern Virginia, Arlington, and Fairfax, this market is completely different than what it was before this foreclosure crisis. Things you may have heard at the water cooler, your kid’s soccer game, or that dinner party last week could be obsolete at this moment.
Here are 7 tips that will help those first-time home buyers who are in the market to purchase a home:
- Go back to the basics! The safest way to purchase a home right now is a 20% down payment, 30 year(or less) fixed mortgage.
- Don’t project your income in the future, deal with the now. Buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, but you want to be a smart borrower.
- To go along with considering your income now, if you’re thinking about extending your family with children, calculate your income and payments with only one person if your spouse has to take leave.
- Often times people forget about repairs. Set aside a budget for any maintenance issues so that when the water heater goes, that dent in the bank account won’t be so big.
- Your first home doesn’t have to be your dream home. Settle for a starter home and save money each month to make that dream a reality.
- When choosing a home, consider the possibility to expand and improve on a property down the road when you have the funds.
- All buyers have different tastes but when entering into a loan you should all feel confident no matter what size the mortgage is.
Keep this insight in your mind when you are searching for homes.
