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Mistake #1: Not Owning a Property Currently, buying the property you want is simpler than before. A lot of people who thought that purchasing the home they sought after was simply out of their reach are currently having a new lifestyle in their own new house. Even though many many folks are hesitant because of the debacles of the past few years, in lots of ways this is a better time to purchase a house than ever. With low mortgage rates, safer restrictions in place, and potential good deals from bank owned homes and short sales. When done correctly, purchasing a home is the best personal decision you will ever make. In fact, the majority of Northern Virginia house owners would be financially broke at retirement if it weren't for a single saving grace - the equity in their house. Moreover, home loan rates tend to be more flexible these days than previously and tax allowances benefit owning a home. With a couple of exceptions, home valuations usually have risen steadily. Of course there are peaks and valleys, but the long term the trend is a dependable increase. Consequently every month when you make a mortgage payment the amount you owe on the house decreases and the value often increases. This condition is known as "equity build-up" and is the primary reason you can't afford not to buy. Even when you have little money for a downpayment or credit challenges, it's likely that you can still buy that new Lansdowne, VA home. It just relies on comprehending the appropriate procedures, and working with the proper people. Mistake #2: Not hiring a buyer's agent to represent you: Buying a house is a complicated and demanding undertaking. In fact, it is frequently the biggest single expenditure you'll make in your lifetime. At the same time, real estate purchases have become increasingly complicated. New technologies, regulations, processes and competition from other buyers require Burke Realtors to perform at an ever-increasing level of professionalism. For unrepresented home purchasers, the process can turn into a, nerve-racking ordeal. Furthermore, making an incorrect judgements can end up costing you a lot of money. Work with a buyer's agent with a keen understanding of the local property market. Buyer's agents have a fiduciary duty to you. Which means they are loyal to you alone and are obliged to look out for your interests. Buyer's agents can help you find the best home, the best lender and the best inspectors for your requirements and circumstances. Best of all, quite often, the buyer's agent is paid from the seller's fee, even though he/she works for you. Mistake #3: Not considering the resale valuation of your house when you buy it You're just thinking about purchasing your house and now we're talking about reselling it. That prospect probably hasn't even entered your mind. But many people, particularly in Northern Virginia, often move, upsize, and downsize and family and job conditions change. The vast majority of residences in Fairfax, Loudoun, and Prince William Counties are built in planned communities by developers, so there aren't as many extremes and eccentricities as you can find in other areas. But while you evaluate potential homes based on the needs you have, you should also consider what other Northern Virginia buyers may want. The key is to avoid extremes in both structure and interior decoration, while still leaving room for your individual expression. In the end, this will be your house. Hanh Nissen is a professional blogger and speaker on subject areas such as land and computers. She lives in Suburban Virginia together with her spouse Jess together with their English Foxhound, Norah.
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