Ten Steps to Prepare for Home Ownership
1. Decide how much home you can afford. Generally, you can afford a home equal in value to between 2 and 3 times your gross income.
2. Develop a wish list of what you'd like your home to have. Then prioritize the features on your list.
3. Select three or four neighborhoods you'd like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
4. Determine if you have enough saved to cover your down payment and closing costs. Closing costs, including taxes, attorney's fee, and transfer fees average between 2 and 7 percent of the home price. Sometimes the Seller will agree to contribute to your closing costs.
5. Get your credit in order. Obtain a copy of your credit report.
6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what's best for you.
7. Organize all the documentation a lender will need to preapprove you for a loan.
8. Do research to determine if you qualify for any special mortgage or downpayment assistance programs.
9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
10. Use me, an experienced REALTOR®, who can help guide you through the process.
Finding Your Home
I help my clients by narrowing down to what they really want, what they need, and what is important to them in a home. This is where my expertise really comes into play. I not only work in Northern Virginia, I live here. I can help my clients by showing the distinct qualities each home, community, and neighborhood has to offer. Here is my 6 step process:
Analyze
During the initial stage, we will sit down to discuss what you are looking for in a home. We will also analyze the financial parameters surrounding your real estate objectives. You can bring in your loan officer, if needed, to help determine financing options.
Plan
After we have a clear picture of your ideal home, I will search my resources to find homes that fit your needs. I will also emphasize homes that represent the greatest value in your search.
Once I've created a portfolio of prospective homes, the selected properties will be sent to you via email.
Review
Once you have decided on the homes you would like to preview, I will schedule appointments to view these homes. I recommend that all deciding parties attend the viewings, this way each individual's perspective will be addressed.
Execute
Once you have narrowed your choices of homes, based on viewings, I will continue to do more research on your behalf - conducting a more refined search and determine if any other similar properties have come to market since the initial search.
I will create a Comparative Market Analysis to determine if the asking price truly reflects the current market values of the home. I will also contact the listing agent to discuss any questions you may have had when you viewed the home. This is also a great opportunity for me to judge the motivation level of the sellers.
After I have gathered the necessary information, I will meet with you to discuss all options. This will help you decide which home you would like to move forward with and submit an offer on.
It is possible during the execution and viewing of homes you discover that your needs or wants have changed. If this happens, I will make the necessary adjustments in the search criteria until your ideal home is found.
Finalize
I will guide you in deciding how to present your offer in the most effective manner. I will also help you decide what conditions should be presented with your offer. Negotiation is the key to whether your real estate transaction is successful or not.
I will present your offer in the most advantageous manner. I will ensure that upon presentation of your offer, you are viewed as the most desirable buyer. I will assist the selling agent by resolving any conflicts quickly and efficiently. If necessary, I will prepare all counteroffers and related documents.
Follow Up
I will contact you within a few months to find out how the move into your home went, as well as to offer my assistance in any way needed.