"First Time Buyer Real Estate Purchasing Tips"

As a First Time Buyer Purchasing Real Estate or Selling Real Estate in Virginia, you have a lot of options in front of you. Should you go with the house of your dreams right off the bat or the fixer-upper? What type of loan should you get? Should you use a buyer's agent? There are many choices that you'll have to make as a first time buyer purchasing real estate. In the current Real Estate Market, there are a number of deals to be found. Many homes have been foreclosed upon and can be purchased at a discount. The first thing you need to do is to sit down and figure out how much you can afford for your house. Find a lender and have them pre-approve you for a certain amount. Figure out what your payment would be and how much you can handle. If recent history has taught us anything it is that you shouldn't necessarily put all your trust in a mortgage broker. Just because they tell you how much house you can buy, doesn't mean that you have to buy that much. Decide what you feel comfortable with every month. As a First Time Buyer purchasing real estate, you might find that what you want and what you can afford are two different things. You might want the big house on the lake, but can only afford something less spectacular. Don't get discouraged. You can still get the big house, but it might be smarter to get a fixer-upper first. A recent study found that 73% of houses that were significantly discounted were fixer-uppers. This means that the best way for you to accumulate some equity quickly is to buy a house that needs some work. You can get a pretty good house that has potential this way. Then after you fix it up and the market rebounds, you'll be sitting on a lot of equity when you sell. At that point, you can go after the big house and get everything that you wanted. With that said, it doesn't mean that you should go after the most dilapidated old house in town either. Have a building inspector look at the house with you and decide how much it would take to get the house back up to par. If it's more than you can handle, don't buy it. You don't want to be saddled with something that is in too bad of shape to fix. Another mistake that First Time Buyers make is only looking at 1 or 2 homes before they buy. The average buyer looks at 5 to 10 homes. It would probably be best if you looked at 15 or 20 before you make a decision. This is the best way to find a deal and helps you see what is out there. Inventory is high right now, so you should take advantage of that fact when you buy. As a First Time Buyer Purchasing Real Estate or Selling Real Estate for that matter, you definitely have a lot to look forward to. Buying a house can be a great experience. Just make sure that you do your homework and feel good about it before you make a purchase. Virginia Real Estate Gurus

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