• Steps to Buying Your 1st Home ~ Ready, Set, GO!

        Steps to Buying Your 1st Home ~ Start Here!

        Buying a home for the first time can be overwhelming. 

        That is where we step in. Our team of experienced Realtors can be your best weapon, negiotator, friend, and counselour to guide you through the process of buying your very own peice of property. 



        Why BUY instead of RENT?

        There are many advantages to owning a home versus renting. Here’s a few:

        1. Build Credit:  A home is an investment to your future.

        2. Build Equity: You’re no longer writing a check to a landlord but rather paying off a very large asset to your name that generally increases value over time.

        3. Tax Benefits: You can deduct the mortgage loan insterest  and property taxes usually from both your federal and state income taxes.




        Are you Ready to Buy? 

        Ask yourself the following questions:

        1. Do I have a steady source of income and been employed for the past 2 years? 

        A general rule of thumb is to have about 6 months of expenses saved up to support you (and your whole family) in case of loss of a job, medical changes, emergencies, etc. 

        2. Do I have a good record of paying my bills and long-term debt commitments such as a car or student loan?

        Each of the 3 credit companies are required by federal law to provide you a credit evaluation once a year. If you haven’t already, I would suggest taking advantage of this opportunity before contacting a lender for a pre-qualification letter. 

        3. What are my outstanding, long-term debts? 

        First idenitify your long-term debts or commitments and put them in a spreadsheet. Divide your liabilities by your income for a debt to income ratio. As a general rule, your living expenses should be less than 30% of your income. Or rather, you can own up to three times your annual salary.

        4. Do I have any money saved for a down payment and possible repairs that may arise after buying a home? 

        After the housing crisis, many conventional lenders now require 10-20% down payment to buy a home with 3-7% in closing costs. It is important to have additional savings for repairs on top of this number. Afterall, you’ll no longer be calling the lender when there’s a leak or an appliance breaks. That comes out of your pocket. 

        If you answered “yes” to these questions, Congratulations! You are probably ready to buy your first home.

        Now it’s time to find a good real estate professional to guide you through each step of the way and provide you with the most current information about the market. Since the cost of a buyers agent is payed for by the seller, find an agent who listens and understands your needs.

        The ideal agent not only knows the real estate market but has resources and contacts to help you throughout your search. You’re local real estate experts at Ask Gina & Company have been in the Northern Virginia real estate market since 1996 and have successfully closed hundreds of transactions. See how we can unlock the possibilities in real estate, call 703-574-3478.