Home Buying Advice

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HomesForSale-NorthernVA.com Home Buying Tips

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Source: National Association of REALTORS® 

Below are useful tips to help you get ready for home ownership:

1) Get Ready for Home Ownership

  • Build a good credit history
  • Get a mortgage pre-approval
  • Find out what type of mortgages you quality for

2) Find a Real Estate Professional

  • Get a referral from friends, family and work colleagues; or search property listings and look for real estate yard signs and advertisements
  • Explain your needs and expectations to the real estate professional you choose to work with

3) Find the Right Property

  • Determine what is important to you, such as particular schools, neighborhood amenities, monthly mortgage payment, public transportation, walkability, etc.
  • Make sure you include home owner’s assessments, utilities and taxes when calculating the monthly mortgage payment

4) Finance the Property

  • Contact your mortgage broker or lender
  • Make sure you understand the financing terms—ask the lender for clarification, if needed

5) Make an Offer

  • Ensure the property is inspected by a licensed home inspector
  • Acquire title insurance
  • Make sure the title is clear or make your offer contingent upon title clearance
  • Read all contracts before signing—make sure you understand all of the terms, ask questions
  • Place a competitive bid and be prepared to make a counter-offer

6) Closing and Life After the Big Purchase

  • Protect your new asset by obtaining insurance such as homeowner’s, flood, disaster, and fire
  • Weatherproof your new home
  • Maintain files—digital or print—for all warranties, insurance documents, contracts, etc.
  • Keep original closing documents in a safe place, preferably outside the home (such as a safety deposit box)

For the full list and more great advice, visit the National Association of Realtors website.

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