Steps to Home Ownership

By
Real Estate Sales Representative with DIR-USA.com

Homes for Sale in Reston Virginia: Buying a house is still part of the typical American Dream. Most people would prefer to own their own home rather than paying rent on someone else’s mortgage, helping them to build their equity instead of your own. If you have a decent job and have your credit under control, you can take the steps necessary to buy your own house.

Steps to Home OwnershipThe timing is important as well as your job situation. In a profession where you must move frequently it won’t make a lot of sense and could cause you much hassle as you move from place to place, trying to sell your house when you move in a down market. It’s also impractical if you don’t have a steady income, you have massive credit problems and are in steep debt, or are in a shaky relationship that you aren’t sure will last. Most mortgages are written for 15 or 30 years to make the monthly payment affordable so it’s a big commitment.

If you decide you do indeed wish to buy a home, figure out exactly what you want to buy. Buying a single family house that you can live in right away will eliminate the need for you to pay further rent. If you want to save money on the home purchase by buying a fixer upper, this is a good way to keep your costs down. Your own sweat equity will be necessary so be sure you have the skill you’ll need to perform the repairs and the money you need for materials. This is a good option if you are short on cash but long on desire and motivation to do the necessary work.

Find the neighborhood you wish to live in. Price the houses to get a general idea of what it will cost. The better neighborhoods that are closer to amenities and with good schools are more expensive. If you like one of these finer areas you might consider living in a smaller home to offset the higher cost of living there.

Go to a lender and get a pre-qualification for a home loan. This will tell you what the lender believes you can afford on your current income. A pre-qualification letter is often required by many sellers so you’ll include it with any offers you make. Once the offer is accepted and you agree to buy the house you’ll go to the closing at which time you will pay the down payment and any closing costs you are responsible for.

Steps to Home OwnershipOur Fairfax team specializes in finding creative solutions to real estate problems that others won’t touch. It is through this collaboration that we can provide you with rock bottom priced homes and motivated home buyers and investors from around Northern VA. We will work to make your home purchase and sales processes as easy as possible, while providing you with the most up-to-date information of your transaction process as it develops.

Lee Allen Team works to preserve the dream of home ownership for those who are experiencing the financial and emotional duress associated with unwanted or financially unstable property. We know what our business is; we know what we do well, and we believe that we are the best possible solution for people caught up in circumstances beyond their control.

 

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Comments (2)

Bruce Parker
RE/MAX Best - Highland Park, NJ

I think the president wishes for 50% of Americans to be rentors

Jun 18, 2011 11:01 AM
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Evening

Thanks for the home selling tips. Have a great day

Jun 18, 2011 11:12 AM