Real Estate near Fairfax

Five Essential Tips in Buying Real Estate near Fairfax

Buying a piece of real estate near Fairfax is not a minor thing to toy around. After all, it is a major financial decision, and it could affect your lifestyle for the next five to six years.

Steve Lefave, Associate Broker, gives you the following tips in buying real estate near Fairfax:

1.   Don’t Make Any Large Purchases Before Buying Real Estate

It is not ideal to make any large purchases or make any large financial transactions at least three months before buying your desired real estate. You should not take any big chances with your credit rating. Real estate lenders should see that you are dependable and they will be asking for a full paper trail, so that you can get the best loan offers.

2. Get Pre-Approval of Your Home Loan

There’s a major distinction between a real estate buyer who is pre-qualified and a buyer who is already pre-approved for mortgage. Don’t be fooled. Almost everybody could be pre-qualified for a loan. Pre-approval means a lender has already evaluated your finances and they have already determined if you can afford a house and how much you can get for the loan. Getting pre-approval will help you save time and energy so you will not run around visiting properties that you can’t afford. It will also give you the chance to look around for the best interest rates and the best deals.

3. Remember, There’s No Perfect Time to Buy Real Estate

It can be frustrating if you try to observe the market closely and determine the perfect time to purchase real estate near Fairfax. It’s impossible to anticipate the housing market. The “perfect” time is once you find your ideal house and you have the money or the means to buy it. The real estate market is cyclical. Prices could go up and go down without warning. If you just wait for the ideal time, there’s a high chance that you’ll miss out on it.

4. Bigger Is Not Always Better

You might be enticed by the biggest and well-manicured houses in Fairfax, but take note that bigger houses are not always the best. The cost of maintenance and upkeep is always higher if you choose a bigger home. This is also crucial if you are planning to resell the property. The home will only go up in value based on the price of the other houses in the area. If you pay $450,000 for a home, and the other houses are priced between $200,000 and $300,000, your reselling price will be limited.

5. Stay Away from Sleeper Costs

The main distinction between owning and renting a home is the sleeper costs. Most buyers would concentrate on their mortgage payment, but they should also be aware of the other expenses such as utilities, property taxes, and dues for home association membership. New homes should also be repaired and customized according to your needs. All these things may cost you a lot. 

Don’t play the guessing game! When it comes to buying real estate near Fairfax, call Steve Lefave, Associate Broker, at 703-896-5849 (phone) or 703-599-1239 (mobile).