The One Year-One Home Plan

DC Real Estate Agent Djana Morris says it's possible to own a home in a year or less. Sounds unbelievable? It's not. Even beginners can pull it off with the right timing, a good broker, and appropriate funding. 

So you want a home in a year? Make it happen with these helpful tips.

March - May

Once you have decided that you need a home, it's time to get rid of the first obstacles. These will be in the form of credit credit card scores, monthly income, emergency savings, and debts. These financial aspects are crucial since it's impossible to buy a home without money.

Real Estate: Are You Ready for a Home?

With the real estate industry slowly picking up, people have been asking themselves Where to Live in DC. Since the district has prime housing opportunities and a better way of living; it should come as no surprise why folks prefer to settle here. While it's nice to imagine yourself inside your dream home, the big question still hangs in the air: are you really ready for one?

Home-ownership is no joke. That's why lots of folks choose instead to rent apartments in DC. Owning a home entails certain financial and physical responsibilities that most are not ready for. There's mortgage to think of, upkeep to do every season, and taxes on top if everything else. But if you're getting frequent dreams of picking wallpaper or signing contract deals; then maybe it's about time to rethink those options.

Do You Have a Budget?

This is first and foremost, the all-important question to ask all would-be home buyers. This involves other factors too: like average monthly income, credit card score, and the presence (or absence) of an emergency fund. These are crucial since it's frustrating to finally find your dream abode – only to walk away because of lack of resources. It happens all the time.

If you haven't started yet, begin by saving a bit of your earnings each month. Real estate tradition dictates that about 20% of the total home cost must be paid upfront. And this won't be easy without initial funds. Check your credit card score as well and ensure that you're in good standing. This makes loaning or getting a bank to backup the mortgage simpler; instead of being turned down because of bad credit.

Do You Have a Stable Source of Income?

It's not only the cost of living in Washington which will make home-ownership a challenge. The financial duties such as taxes and maintenance for a house is something to factor in. Having a stable job with satisfactory income will allow you peace of mind knowing you can afford the mortgage; and still be able to eat out every now and then.

Homes are one of the biggest investments one can make. It's always sad if someone is evicted just because they cannot afford to complete their payments. Learn from the mistakes of others by planning ahead.

Are You Ready to Commit?

Much like relationships, houses require full-time commitment from their tenants. Unless you're in the property trading business; homes need to be in your care for at least three to four years before it can be up for resale. Analyze yourself and your needs first before purchasing. Ask important questions like: 'will you enjoy DC living', or 'do you have no plans of moving out anytime soon'.

Are You Sure You Want Full Control?

Home-ownership's best advantage is also it's downside. Full control requires maturity. At the end of the day, it's the only place you'll be coming to. Future home owners must be ready to tackle challenges associated with having this huge asset by their side – perhaps for a lifetime.

The Dream House Checklist

The Website Wheretoliveindc.com and numerous other real estate sites offer buyers nowadays with a helpful glimpse at potential dream homes. Their list of attractive options make home-buying a very exciting – although stressful – experience for those who want to jump into the properties market. Who can resist the urge to envision themselves inside a quaint Cape Cod cottage?

Since there are plenty of good houses for sale in Washington, the first-time buyer may feel overwhelmed. The problem then becomes not which house to choose but rather, how to choose the best one. If you're stuck in a rut; or simply have no idea of an ideal dream home, here's a helpful checklist to get you started.

Avoiding Stress During Home Buying

Having a good DC Real Estate Agent by your side is certainly a big advantage during the home buying process. A new house is a huge deal and at some point, there will be feelings of doubt, annoyance, anger, and frustration. That’s normal – every buyer goes through the agonies of house hunting. However, if the stress of the Washington real estate market is starting to affect your relationships, work, or yourself, then maybe it’s time to step back and take a breather.

Plan Ahead and Stay Informed
One of the first things to do to avoid stress is by getting a reliable broker. Ask for recommendations, interview a couple of people, and ask plenty of questions. A good agent will act as a mentor and guide you in one of the most crucial decisions of your life (getting a home); so be sure to invest in this aspect.

Traits to Look for in a Realtor

Looking for a new home is already tough on its own – so finding a good DC Real Estate broker can either make or break the entire experience altogether. Getting your dream house shouldn’t be a nightmare – and so should your mediator. Here are some points to think about before or during a meet with your DC broker.

How To Buy Foreclosures: Great Deals for Good Homes

There are only two things to remember before getting down to business: find a reputable real estate agent who works directly with banks, and get a pre approval letter from your lender.

Ask any Washington real estate agent or local realtor and they’ll help you get your dream house – but ask a bank broker and you might be able to afford more. These agents work directly with banks regarding foreclosed homes: houses which have been forfeited by lenders due to failure to pay the mortgage. Heartbreaking as it may be for the homeowners, but these types of dwellings make good deals as long as they’re not bought on a whim.

Top Real Estate Scams and How to Avoid Them

DC property and other housing opportunities is a luxury for people who have their eye on real estate investments. In fact, with the current economic crisis, real property prices have gone down – making this a good time to purchase new homes or rent out a space. Sadly, there will always be those who take advantage of others when it comes to property. There are numerous scams out there, but they’re usually grouped into three categories: rental, workshop, and loan modification scams.

Rental Scams

Almost everyone does their house-hunting online at first; by going through home listings and/or real estate websites. That’s why the internet is littered with countless posers and huckster. This type of scam generally starts online, when a prospective buyer sets eyes on a spectacular deal that seems too good to be true. Scammers often take existing listings and post them on a different website, introducing themselves as the homeowner or someone authorized to rent that home on their behalf. The scenarios are the same: the unknowing renter will hand over the cash or wire the money as down payment, sometimes even going as far as actually living in the said home, before the real owners arrive – surprised that they have a guest.