Are you tired of paying rent and giving all of your hard earned money away to your landlord?
Are you anxious to have a space that you can truly call your own?
Are you ready to build equity and have extra cash to fund your retirement, pay for vacations, college, invest or more?
I have very good news for you, my friend.
2017 is the perfect year to find and own the home of your dreams.
Yes, you can own a home this year even with low or no cash reserves on hand.
In this post I will share with you the 5 steps to help get you on the fast track of owning your first home in 30 days or less!
Owning any kind of Real Estate is awesome and one of the best investments you can make in your lifetime.
If you ever thought about buying a house then now is the time.
First, interest rates are very favorable at the moment.
Second, there are so many benefits that come with home ownership such as tax deductions, built-in equity and the possibility of turning your home into a rental property granting you the ability to enjoy all 3 benefits at once!
And third, several states across the US have grants for first-time homeowners that offer up to $7500 and more towards the down-payment and closing costs of purchasing a home.
If you are excited about one day having a home to call your own, follow these steps to get started on the quick path towards home ownership so that you may reap the benefits of the soundest investment known to mankind.
How to Buy Your First House in 30 Days
1.Talk to a Mortgage Lender, ASAP.
Speaking to a mortgage lender first before you begin searching for a home is extremely important.
It is best to not set your heart on a particular house without knowing how much financing you may qualify for.
When speaking with a lender, they will go over your current credit status and offer advice to get you financially prepared for owning a home.
As a word of caution, your mortgage lender may disclose with you certain closing costs or other fees that may alarm you.
However, as a first-time home buyer you may receive the option to have these fees rolled over into your loan and/or paid for by state-sponsored grants which means that you could own a home with minimal out of pocket costs!
As a first-time home buyer, some mortgage lenders such as Quicken Loans also offer special programs where you may only have to provide a 1% down payment towards the purchase of your new home.
Super cool, yes?
Once you have been qualified with a lender, ask for a pre-approval letter as proof that you have been approved for financing up to a certain amount.
This amount is where you should gauge how much house you can truly afford.
2.Find a Realtor
With your pre-approval letter in hand your next step is to find a professional Real Estate Agent or Realtor (pronounced Real-tor), preferably one that specializes in first-time home buyer transactions.
Call your local Real Estate Brokerages to locate a Realtor that will help you find the home that you need.
A Realtor should be your best friend during your home buying process.
They are paid to represent the best interest of their clients and if you think you can navigate your home buying process without one you may be in for a surprise.
Most Real Estate Agents have extensive market knowledge, are experts in negotiating and will handle all the legal paperwork so that you can sleep soundly at night (and avoid going to court!)
Real Estate Agents are there to ensure that your journey to home ownership goes as smoothly as possible, so it is in your best interest to be open and honest with your Realtor when looking for a home.
3. Do Not Use Credit or Make Large Purchases in the Next 30 Days
Many first-time home buyers ruin their changes of obtaining financing on the home that they want because they rush out to buy a car, clothes or furniture before closing.
Two words: Just wait.
When you make large purchases from your bank account or using your credit these transactions are alarming to your lenders and may cause them to decide to rescind your pre-approval letter or even worse deny your financing all together.
Trust me, you do not want to do anything that may delay purchasing the home of your dreams.
4. Think Big Picture and Long-Term Before Making a Decision
Remember, your first house does not have to be your only house.
If the house you really want is out of your price range it is perfectly OK to start with a home that is a little smaller or more economical.
If you decide to go with what I like to call a “starter home” make sure that it is in an ideal location where you are confident that you can sell or rent at a later date.
After 3-5 years depending on your housing market, you will have accrued enough equity in your starter home of which you can either pull out to purchase the home that you really want, sell for a nice profit or rent for passive income.
5.Reap the Benefits of Home Ownership and Enjoy
After closing the transaction, your Realtor will hand over the keys to your new home.
You may feel a rush of emotion and a strong feeling of pride.
You have now joined the ranks of those before you, who have seized the opportunity of a lifetime by purchasing one of the most valuable assets known to man.
Very few do not realize the incredible benefits of owning a home and instead become determined in losing thousands of dollars every year by renting.
Decide to become a home owner today and you will be rewarded for a lifetime.
Are you a first-time home buyer in Alexandria, VA? Contact me by clicking here.
If you could move anywhere in the world, where would it be and why? Comment below!
Alexandria VA Homes for Sale– Lisa Washington, Your Real Estate Consultant & Friend
I specialize in listing and selling Real Estate in Alexandria, Springfield, Lorton, Fairfax and Woodbridge, VA. I am dedicated to making sure you are the most informed and educated consumer in the Real Estate market. Ready to Buy or Sell? Give me a call or text at (202)999-8166.