Tips for first-time homebuyers in Washington D.C

Tips for first-time homebuyers in Washington D.C

Searching for a home in the capital of United States isn’t a job you’d like if you’re new to the real estate market.
District of Columbia is more or less saturated when it comes to entertaining people looking for attractive real estate investment options. However, experts that have experience in the area can help you out in your search.

According to our experienced real estate agents, the investment pace in the District is exploding and investing now would be highly profitable.
In this blog post, you can find multiple tips summarized from top pieces of advice given by experienced real estate investors and agents from the Washington area.

The Political environment shouldn’t bother you:
The U.S. general elections that took place last fall are still on the minds of many investors, not letting them invest because of the fear of political instability in the country.
According to our experts, this situation should be viewed as an opportunity that can benefit first-time homebuyers. You can purchase residential properties at cheaper prices because of the lesser buyers in the market.
Sellers have to sell their properties and when there won’t be enough buyer competition, the much valuable property can be found at discounted prices.

Choose your own path:
Many first-time buyers compromise on their neighborhood preferences because of their limited budgets. They settle for houses in localities they don’t feel comfortable in just because they are affordable enough for them.
Our advice for these homebuyers is that if you cannot afford a property in one of the posh areas of D.C., consider searching in neighboring localities located on the outskirts of the city.
Many of these communities offer similar lifestyles to the city itself.

Start with a small down payment:
Many people with average salaries and not enough savings in their bank accounts assume that buying a place in the capital is impossible for them. While in reality that is not the case.
You can purchase properties through mortgage plans that offer as low as 3% down payment. Regular mortgages all across the country have 20% as a standard but many lenders in the District offer housing plans at 3% to 5%.