BUYING A HOME

DC Metropolitan area home buyers face a few challenges when buying a home…(1) Obtaining a down payment, (2) matching affordability with criteria, (3) obtaining a loan, (4) navigating the home buying process, and (5) Inventory/finding the right home.

Certainly, every buyer won’t share all or even the same challenges. But while some buyers will face a few of these challenges, many buyers will face 3 of these challenges at minimum, if not more.

Whether you are a first-time buyer, or if you’ve purchased a home before, these are challenges that The Condo Connection has experience to help buyers overcome and accomplish their goal, and for most, dream of buying a home, be it a Condo, Townhome or New Home.

The Condo Connection team will prepare you for and guide you through the home buying process, provide you with a detailed overview of exactly what you can expect to pay, be by your side at closing to complete your purchase, and be around after your purchase, as a resource to you for your current home, and your future real estate goals.

THE CONDO CONNNECTION IS DIFFERENT

Our specialty in working with buyers combined with our specialty in condos give our buyers a huge competitive advantage, and an enormous value-added, homebuying experience.

• First, we educate our buyers about the condo concept so that they understand the characteristics of the condo ownership, CondoLife, and what it means to live in partnership with others.
• Next, we prepare our buyers for condo ownership, making this preparation a part of our homebuyer consultation. We then we help our clients apply this knowledge when we tour potential homes, identifying and spotting issues and red flags, while others won’t even know what to look for.
• Last, once you decide and write a contract on a condo, our expertise and years of experience shifts into high gear to provide unique, top-level evaluation of your prospective condo-home, distill its pros and cons, and then advise and empower you with the information you need to make an informed, confident home investment.

WHAT DOES IT COST TO BUY A HOME

The cost of buying a home varies with the individual, their credit history, the loan they obtain from their lender, and a few other things that will be specific to that individual homebuyer and co-purchasers. But here’s an abridged guide that can provide a general overview of what you can expect...

The Home Price

• This is the listing price of the home which will always be shown
•  Use our mortgage payment calculator below to get estimated monthly payments.

 Down Payment

•          Money you put down toward your purchase
•          3, 5, 10, or 20%

 Closing Costs

•          Paid @ Settlement
•          Add 3% of home price

 Earnest Money Deposit

•          Taken from down payment funds in part or in full
•          3%, but varies

 Homeowner’s Insurance

•          Home value divided by 1,000 x $5.50                               

 Home Inspection

•          Helps you learn about the home
•          $500-$750

 Termite Inspection & Misc.

•          Helps you learn about the home
•          $150-$450

 Lender Condo Questionnaire

•          Ordered by The Condo Connection on your behalf
•          Up to $400

 Move-in fee

•          Varies based on community
•          Check the community’s rules & regulations

THE HOME BUYING PROCESS

The Condo Connection has a 20-point home buying process that we review in detail with each of our clients to prepare them for their buying experience, depending on the type of home that they are buying. This includes an additional 20-25 things we do behind the scenes of the transaction once you sign a contract to buy a home. This comprehensive overview is included in every free, homebuyer consultation that we provide.

A summarized version of the home buying process looks like this: 

•          Review your credit
•          Obtain a loan preapproval
•          Gather your  funds for down payment and closing costs
•          Find a restate agent
•          Make an offer
•          Get a home inspection
•          Get a home appraisal
•          Close on your new home

Real Estate Dictionary

As you embark upon the journey of homeownership, you may be introduced to a lot of new terms that you may not be familiar with. Use our real estate dictionary to help you understand these terms and increase your homebuyer IQ.

Please feel free contact us for a homebuyer consultation, or just an informal conversation to bounce some ideas around.