valentinosdcpulse

It's exhilarating meeting with new buyer clients. Why you ask? Because their excitement is contagious! At the same time, it can also be a confusing time when you're not sure how to proceed.

As such, I've put together a step-by-step guide for folks to learn how to buy your first home in Washington, DC:

First -- Are you ready to own a home? Truth be told, buying your first home in Washington, DC is a big commitment and responsibility. You need to be psychologically, emotionally, and financially ready for home ownership. Do you want maintenance? If no, look at alternate options such as communities with an HOA (homeowners association) or condominium/co-op.

Probably the first thing you should do after you have determined that you are ready to buy your first home in Washington, DC is obtain a copy of your credit report. Many websites, such as ConsumerInfo.com, offer this service for free, but I actually recommend sitting down with a lender instead so they can help you examine your credit report and correct any errors.

If your credit is not as good as it should be, they will guide you to think about paying off or paying down your debts before buying a home. If you are serious about buying, PLEASE ask me for a recommended lender first before you talk to anyone. Unfortunately, they are a HUGE part of your buying experience, so it's vital to be working with someone local and extremely professional/excellent. 

Once you know where you stand with your credit, you can begin thinking about what kind of house you want and where it should be located. Make a list of must-haves and wants. Really think about different locations and how it will work with your lifestyle and commute. Looking all over the metro area is painful and unnecessary. Narrow it down before you talk with a realtor. This will make it MUCH easier for a realtor to pinpoint DC, MD or VA area homes that would be of interest to you.

Determining how much Washington, DC area home you can afford is another crucial step in buying your first home. The best thing to do is talk to one of our lenders and get prequalified for a mortgage.

Keep in mind that you'll need money for closing costs, inspection, and a down payment. Often you can roll some of these costs into your mortgage or get a seller to pay (except for down payment). Your lender and realtor can help you figure out what the cost of buying your first Washington, DC home will be as well as how you can pay the costs.

Because there are many steps to buying your first Washington, DC home and these steps can sometimes be confusing, consider hiring an experienced realtor to help guide you through the process. Rachel Valentino is a  professional real estate agent in the Washington, DC area. If you are buying or selling a home in the DC area,  Valentino and  her team of DC-area real estate experts is a call you'll be glad you made.