Information

Take a moment to browse my resource center to look for answers and information including the latest trends in the local market.
Search MLS

Search the Washington Metropolitan area for Homes

Search Washington DC Metropolitan Real Estate Listings
Tips
Community News
Articles
Useful Links
Videos
close

Tips


Washington DC Real Estate Tips

Washington DC Tips

Energy Tips

close
close

Articles

close
close

Buckman Videos

Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.

close

Washington DC Real Estate Resource Center: First Home Purchase

Researching, choosing, and buying your first home can undoubtedly be a stressful task. Feeling overwhelmed and like you're the only first-time homebuyer around? You're not alone. The National Association of Realtors estimates that about 40 percent of existing homes are purchased by first-time homebuyers every year.

As overwhelming as the process can be, there are several advantages to owning a home. Homeowners build equity over time can benefit from tax advantage of the deductibility of the interest portion of your mortgage payment. Upgrades to your home add value.

Follow These Tips to Prepare for Your Purchase

Often the most daunting task of choosing your first home is getting started. Decide if you're ready to take the homeowners plunge and prepare for buying your property by following these steps:

  • Make sure you're mentally prepared for the responsibility that comes with owning a home. Know that you have to budget by having a reserve for normal maintenance issues that will arise.
  • See what you can afford and consult a mortgage calculator to see what your payment would be.
  • Figure out what your total monthly housing cost would be, including taxes and homeowners insurance. To get an idea of insurance costs, pick a property in the area you're interested in and call a local insurance agent for an estimate.
  • Consider how much you'll likely pay in closing costs, which includes origination feeds charged by the lender, title and settlement fees, taxes, and prepaid items such as homeowners association fees or homeowners insurance. Make sure you have enough money set aside for a down payment.
  • Check the selling prices of comparable homes in your area and match those figures to your budget.
  • List the basic needs you'll need in your first home, such as minimum number of bedrooms needed, square footage desired, proximity to schools and work, etc. Make a second list of things that would be nice to have, such as a bigger garage, pool, etc.
  • Check your credit and your debt. Obtain a copy of your credit report and make sure your credit history is in order.
  • Research! Search online for home in your area and do drive-arounds in those areas to make sure your needs, both budgetary and physically, can be met in that area.

Finally, know that expert licensed realtor Michelle Buckman is here to help. Michelle represents W.C. & A.N. Miller and Christie's Great Estates properties in Chevy Chase, Northwest Washington DC, Capitol Hill and the Trinidad neighborhood in Washington DC. Specializing in the sale and resale of single family homes and estates, condos, co-ops, and multi-unit buildings, Michelle works with a full range of clients, notably first-time homebuyers.




Copyright © Michelle Buckman Real Estate

202-966-1400 (o) | 202-251-8400(c)
michelle@buckmanrealtor.com

Michelle Buckman Real Estate


Tips for Selling Capitol Hill Real Estate
Selling a Washington DC Home from Out of Town
Buying a NW Washington DC Home: How Much Home Do You Need?
Washington DC Realtor: Washington DC Housing Market Has Recovered and Is Surging
Capitol Hill real estate is a popular choice for people looking to buy homes in Washington DC
DC Realtor: 5 Tips on Color Can Help Sell Your Washington DC Home

About | Buying a Home | Selling a Home | Listings | Relocating | Blog | Finance | Resource Center | Contact us | Home