Every home buyer wants a successful experience. With so much to learn and so much misinformation out there, buying a home can seem like a daunting task.
So take a few tips from our smart and successful home buyer!
- Know your daily commute - The Greater Washington D.C. area has the worst traffic congestion in the country. According to a study by Texas A&M's Transportation Institute (8/26/2015) Our smart home buyer is looking at commute options including the Marc Train and Metro systems.
- Review the sector plans for neighborhoods of interest - In Northern Virginia and Maryland, counties will have Master Sector Plans and community plans. These plans show where the county council has approved residential and commercial developments as well as green space. Take a look at this link to the Kensington Maryland sector plan.
- Look at the local school information on GreatSchools.org- School rankings have an impact on the value of homes. The same style home in one neighborhood can sell for 100K more in another neighborhood because the schools have higher ratings. Even if you do not have children in the local school system, the school's ratings will affect the property value. Our smart buyer knows this and is carefully considering school ratings as she searches for a home.
- Be realistic about DIY projects - HGTV & Fixer Upper are inspiring to watch! But don't kid yourself and think you can do what Chip Gaines does on his show! He and his wife Joanna are very talented and they have an entire crew working on every home project. Our smart buyer is realistic about home projects and plans to keep them within her scope of expertise. Taking on a full kitchen remodel is not an option with her busy schedule.
- Work with an experienced Buyers Agent - Our smart home buyer found us in a neighborhood chat room. One of our previous buyers told her about us and how we advocate for home buyers.
Having an advocate on your side is a critical part of the home buying experience
Our smart home buyer is asking all the right questions! We have developed a trusting relationship and this will be the key to a successful home buying experience!
Learn more
Consumer Advocate in American Real Estate
National Association of Exclusive Buyer Agents
HomesBuyHendersons on FaceBook
Things to Consider Before Buying a Home
- Your credit score gives you an idea of whether you will qualify for a loan and your interest rate. In fact, your credit score will determine if you are accepted or rejected when applying for a home loan. So before you talk to a lender about pre-qualification or pre-approval for a home loan, check your credit score.
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Your personal savings will provide payment for your earnest money deposit, home inspection, closing costs & down payment. In the Greater Washington D.C. area, an earnest money deposit should be from 1-3% of the offer price. So if you are putting down 2.5% on a $500,000 home, you would write an earnest money deposit check for $12,500.00 Home inspections range in price depending on the size of the home, garage and other buildings on the property. Most home inspections cost between $400 and $800. Down payments on a 500K house usually range from 3% - 20% of the purchase price.Closing costs range between 4 and 6 percent of the purchase price.
Enjoy the rest of the week!
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