Are you ready to buy your first home? Or should you just keep renting another year?
Buying your first home can seem like an intimidating commitment — but it shouldn’t be! It can actually be a fun, exciting, fulfilling process that helps you INVEST in your future instead of just throwing your money down the rental drain.
So are you ready? Here are 5 signs …
1. CURRENT RENT AMOUNT. If your current rent amount is more than $1400 a month, you can (and should!) probably can afford your own home! Check and see the homes in our area that you can afford at the SAME MONTHLY PRICE you are already paying now!
2. CASH. You’ve saved up at least 3% of your home purchase price for a down payment. Wait — what was that? ONLY THREE PERCENT? That’s right! It used to be that you needed to have 20% of the home purchase value in liquid cash for your downpayment. But recent home ownership incentives mean that there are loan packages as low as THREE PERCENT DOWN for a conventional loan, or just 3.5% for an FHA loan. To find out how much you qualify for (and how much cash you would need to have on hand for a home purchase), just take a few minutes to pre-qualify (no commitment necessary!) through one of our preferred lenders. Pre-qualify HERE!
3. CREDIT. You’re credit is in the clear. One tiny missed payment or unauthorized transaction can wreck havoc on your credit score — and you may not even know it is happening! Check your credit score for FREE and make sure to clean up any items immediately that might be holding you back.
4. COMMITMENT. You are committed to your locality for the next 3-5 years, or are willing to rent out your home in the event of a move. (This time frame allows your home purchase to appreciate in value, and you to recoup your closing costs). Wherever you want to put down roots, we can help! Our Redux Realty team is licensed to buy and sell houses in Virginia, Maryland, and Washington, D.C. We also have connections with wonderful realtors across the country, and would be happy to refer you to a realtor who can help you in your new location.
5. COMMUNICATION. If you are interested in a new place (whether renting or buying), don’t be afraid to seek counsel from your friends at Redux Realty. Our advise is professional and FREE, and we would love to talk through your options. You don’t have to know everything about the home-buying process to pursue home ownership … you just have to be willing to type up an email, fill out an inquiry form, or make a phone call to (703) 679-1356. We’ll get back to you right away and keep all conversations confidential.
Here in the Washington, D.C. Metro area, the job market is so hot that while home values may take a temporary dip now and then, it’s one of the most recession-proof areas to buy, sell, and rent-out real estate in the country. That’s why, if you are READY to become a first-time home buyer, investing in your home and future is almost always a great idea. Our First-Time Buyer Specialist David Mount and Redux Realty Lead Agent Chris Craddock are standing by to help you! Take that first step and contact us today.