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Mistake #1: Not Investing in a Home These days, acquiring the home you've always wanted is easier than before. Lots of people who believed that finding the house they wished for was simply outside their grasp are now having a new way of life with their very own new house. While a great many lots of people are worried because of the debacles of the recent past, in several ways this is a better time to buy a home than ever. With low mortgage rates, safer guidelines in place, and potential discounts from foreclosures and short sales. When done right, buying a home is the smartest economic choice you will ever make. In truth, nearly all Northern Virginia home owners could well be fiscally broken at retirement if it weren't for one saving grace - the equity in their home. Also, rates on mortgages tend to be more accommodating these days than previously and tax allowances benefit owning a home. With a handful of exceptions, property valuations have always risen steadily. Obviously there are peaks and valleys, but the long term the trend is a reliable increase. This means that each month when you have a loan payment the amount you owe on the dwelling falls off and the value commonly will increase. This scenario is known as "equity build-up" and is the reason you cannot afford not to buy. Even if you have little cash for a down payment or credit difficulties, chances are that you can still buy that new Woodbridge, VA home . It just is dependant on learning the appropriate approaches, and working with the right professionals. Mistake #2: Not having a buyer's real estate agent to represent you: Purchasing a house is a complex and stressful mission. In fact, it is often the greatest single expenditure you will make in your lifetime. In addition, real estate transactions have become more and more complicated. New technologies, regulations, procedures and competition from other potential buyers require Northern Virginia Realtors to perform at an ever-increasing level of professionalism. For unrepresented home buyers, the process can turn into a, stressful ordeal. In addition, making a bad choices can end up costing you lots of money. Work with a buyer's agent with a keen knowledge of the local real estate market. Buyer's agents have a fiduciary responsibility to you. This means they are loyal to only you and are obliged to look out for your best interests. Buyer's agents will help you find the best home, the best loan company and the best inspectors for your needs and circumstances. Furthermore, most of the time, the buyer's agent is paid from the owner's fee, even though he/she works for you. Mistake #3: Not thinking about the resale value of your property when you purchase it You're just thinking of shopping for your house and now we're talking about getting rid of it. That prospect probably hasn't even entered your mind. But most people, especially in Northern Virginia, are inclined to move, upsize, and downsize and family and job circumstances change. A large number of houses 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 might find in other places. But while you analyze potential homes based on your preferences, you should also consider what other Northern Virginia buyers may want. The secret is to avoid extremes in both design and interior decoration, while still leaving room for your individual expression. After all, this will be your house. Margart Reddell is a full-time writer and trainer on themes such as mortgages and communications. She lives in Kingstowne along with her husband Wilbert along with their German Wirehaired Pointer Hoyt.
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