Buying Your First Northern Virginia Home
While an exciting undertaking, buying your first home in Northern Virginia can also be an exercise in making compromises. You undoubtedly have in your mind a picture of your dream home but as you go down the home buying path you will discover the need to balance your budget with your big dreams.
So as you start your search for your first Northern Virginia home, keep these tips in mind to help you find the perfect first home for you.
Think Small
Or in other words, think about a “starter home.” This is a common phrase because it is a common strategy. When you are buying your first Northern Virginia home, chances are that you will not be able to step right into the home of your dreams. And that is okay. A starter home is a great way to allow yourself time to plan and save en route to upgrading to a home closer to the one you have been dreaming about down the road.
Embrace the Old
It is becoming increasingly apparent that Northern Virginia home buyers prefer newly constructed homes to older, existing Northern Virginia homes. For this reason, new homes are seen as being in demand, carrying with them a higher price tag. It is common for a new Northern Virginia home to be at least 20% more expensive than an existing Northern Virginia home with similar comps. By finding an older home that you can make your own, you will put yourself in a position to purchase “more home” for your dollar.
A DIY Project
Taking on a fixer-upper Northern Virginia home might not be for everyone, but for those who are able and willing, this can be a smart investment. Not only are you typically able to get these homes at a sizable discount, you are also able to upgrade according to your own plans and desires. Fixer-uppers require additional investments, but you have the flexibility to renovate on your own schedule however your savings allow.
Location Flexibility
It is natural to want to live in a trendy Northern Virginia area as they often have the best places to eat, shop, and hang out. However, these areas usually also have the highest price tags. When looking for Northern Virginia areas to buy into, remember that it is easier to live in an affordable less-trendy area versus living in a trendy area that you cannot afford.
Rising Stars
When looking for your first home to purchase you will undoubtedly scour every Northern Virginia neighborhood within your search radius. While you are out searching be on the lookout for signs that an area is poised to be an up and coming neighborhood. The easiest signs are the arrival of Starbucks or Whole Foods, but new restaurants or shopping areas are also key indicators. Buying into these Northern Virginia areas before they are full-blown trendy will allow you to benefit from the growing list of amenities but also help your home’s value increase dramatically.
When you are ready to find your new Northern Virginia home, whether it is your first or the one of your dreams, be sure to call Homes Re-Imagined at 703-552-1372 and let us help!