Questions to Ask Before Buying a Home in Arlington
Updated: Feb 2, 2022
If you are considering purchasing a home in Northern Virginia soon, you might be facing a few dilemmas. First of all, it is not every day that you buy a new home. So, you mustn’t rush into the purchase. It is essential to weigh your options carefully and do plenty of research before you make the final decision to move to Arlington for good. To help you in this process, we note down the most important questions to ask before buying a home in Arlington so that you can navigate the home searching process more confidently!
What should I research before I venture into buying a home in Arlington?
Nowadays, home hunting resources that you have at your disposal are plentiful, particularly since the Coronavirus outbreak. You have virtual home showings, online open houses, consultations with owners and real estate agents, etc. Then, you can explore mortgage options offered by different lenders and national loan programs.
Finally, finding assistance and logistical support with relocating to Arlington has never been more accessible. Do a little investigating on the local moving companies and hire the one that will ensure you have a positive experience. In that sense, there is no excuse not to make use of the plethora of information out there to find your Arlington dream home - your forever home.
Determine your ideal budget before buying a home in
Arlington
Even before you start browsing through Arlington property listings, you should have a clear idea about how much money you can realistically invest. The budget you set down will help you clarify your priorities and what you can afford based on them.
Furthermore, having an approximate sum you are willing to spend will make choosing the perfect neighborhood for your family much smoother. For instance, it may happen that you are priced out of some Arlington neighborhoods. And without a definite budget, you would just be wasting your time on properties that do not fit into your price range.
Determine your ideal budget before buying a home in Arlington
Even before you start browsing through Arlington property listings, you should have a clear idea about how much money you can realistically invest. The budget you set down will help you clarify your priorities and what you can afford based on them.
Furthermore, having an approximate sum you are willing to spend will make choosing the perfect neighborhood for your family much smoother. For instance, it may happen that you are priced out of some Arlington neighborhoods. And without a definite budget, you would just be wasting your time on properties that do not fit into your price range.
Be sure to ask yourself the following questions when you are at the ‘home budget drawing board’:
Are you in debt currently? What percentage of your income goes towards paying off debt?
Can you guarantee that you will have a steady source of income?
How much money can you single out for the monthly mortgage payments?
How much money can you single out for a down payment?
Can you account for additional expenses such as realtor fees, taxes, costs of relocating…?
Where are the home values in Arlington headed?
Observing the state of the local real estate market will let you know when the time to buy is right. Is it a buyer’s or a seller’s market? Hiring an experienced real estate agent can help you make the right call. Furthermore, it makes sense to evaluate the fluctuations in the last couple of months. If the prices were soaring in the summertime, there is a high probability they will slump in the holiday season.
What other expenses will I have besides the home purchase?
As you can see, purchasing a home involves several expenses you should be able to cover. So, it is not just the property price itself but also the real estate agent’s services, local taxes, bureaucracy, and relocation costs you will need to account for if you plan to stay within your budget.
However, if you start your planning well ahead, you can anticipate all expenses and reduce the financial load to some extent. For instance, if you happen to need any advice or instruction as to how you can move or store your belongings for a reasonable price, be sure to explore your options by consulting with experts. Knowing what lies ahead will allow you to spread out your money, pay in installments, or simply invest the money that you have prudently. That is why careful deliberation and calculations are needed before you venture out into the process of buying an Arlington home.
Am I eligible to take out a mortgage loan?
If you plan to take out a loan, your financial liquidity will be a significant factor, so make sure you go into negotiations prepared. Getting a loan pre-approval is a prerequisite for even considering making a purchase. In other words, it is better if you first find out how much money you will have once your mortgage loan gets approved. This allows you to narrow the search for your home based on the amount of money the lender gives out. In most cases, the average 30-year mortgage rate is around 3%.
What do I look for in a dream home?
Money matters aside, you should definitely have a clear idea of what you want out of your new home. Consider the lifestyle you want to establish in Arlington, VA. It is most likely you will spend years living in the given house. For instance, if you have kids, it makes sense to do some research on local educational institutions to have access to quality education once they come of age.
Next, think about the venues, institutions, shops, neighborhood type, and access to nature in your vicinity. What do you need in your neighborhood to live your life happily? Knowing the answer to these kinds of questions might be even more important than determining the formal features of the home you would like to have. Not to say, factors like square footage or the number of bathrooms are unimportant. However, where your property is located and what you will have access to as a result might be even more critical questions you need to ask before buying a home in Arlington.
If you are looking for a Realtor that specializes in Arlington real estate, give me a call. In all honesty, I know the market very well because I have lived here all my life. With me, you can find the real specialized help that you’re looking for. Bonus, I’m pretty social too! Follow me on Facebook @Brad Winkelmann Real Estate Arlington VA, Orange Line Metro.