Wondering how to find a real estate agent? The process can feel a bit daunting, we know! There are literally hundreds and hundreds of Realtors, how do you wade through the ocean of agents to choose the right real estate agent? Whether you are buying a home, selling or renting, here are 8 simple and practical tips to help you with your decision. (Yes, you should utilize a Realtor when renting, as well! Read our post on that topic here: Do you need a Realtor to Rent)Read More
It's almost moving day!! Congratulations on the purchase of your new home, or the new rental home you've decided on! Here are some moving tips to help you stay organized over the next several months.Read More
Just this week, we've answered this question many times for clients, and we thought we would write a blog post breaking down the topic of:
Why Rent When You Can Buy?
If you are currently living in a rental and have lease with your landlord, you may be thinking to yourself, why am I throwing all of this money away, for basically no return on my investment? In the Northern Virginia area, monthly rent payments are close to that of a mortgage for the same property and we would love to help you learn more about the process of moving from being a renter to a home owner.
Determine What You Can Afford.
It will take TIME to stock up on your savings for a down payment and because this is true for almost every buyer, it is super smart to research your options for purchasing.
"Among first-time buyers, 28 percent save for six months or less, while 13 percent save for more than five years."
Because of a large variety of programs currently available to home buyers, the percentage of a down payment needed can fluctuate greatly. The average tends to be between 15-20% of the purchase price. There are programs that can however, provide an opportunity for homeownership for as little as 3% (or even 0% down!).
Our preferred mortgage lenders are ready, willing and able to assist you in discovering what your purchasing power is! You may feel uncomfortable divulging every last minute detail about your financial status, and that's ok! You can obtain a summary of your options by simply giving some basic information to Kelly, Greg or Joe!
Don't Have Your Head In The Clouds.
What are you currently paying in rent each month? Don't get ahead of yourself and start looking at properties where your mortgage payment would exceed your current rent payment! If you are currently paying $1,000 in rent, speak with one of our lenders to determine what that means once you add in interest, taxes and insurance (a 'PITI' payment).
What Exactly Do You Want?
Do you want to garden, but can't because your landlord isn't ok with it? Do you really wish you could have a dog but it's against the tenant/landlord policies? Would more land/acreage make you happier, or would it be wonderful to finally have a covered parking space? Think through what you want, and compare that list against what you currently are offered from your landlord.
Think Outside The Box.
Feeling overwhelmed about your responsibility to pull your down payment amount out of thin air? Don't stress! does not have to simply come from your savings account. Gifts from family members can come in handy. Also? Save up that cash and do away with your morning coffee routine and even (ahem!) cancel the gym membership that you're not currently utilizing! Keep in mind that you will have closing costs and set aside some extra funds for that purpose. Consider holding a garage sale and ridding your space of excess items - all in the name of "closing cost funding" !
If homeownership might be for you, don't let the comfort of renting scare you away from exploring your potions! You are paying a mortgage whether you own or rent! You are either paying down YOUR mortgage, or the mortgage of your landlord!
To learn more about our services and hear from our satisfied clients, click here to read our testimonials!
"Do I need a real estate agent to rent a home or apartment?"
We get asked this question quite frequently and while the answer depends on who you ask, the 8th & Home team says YES!
1. Why spend YOUR precious time trolling the internet, Craigslist and FB groups to find the perfect home for you and your family, when a Realtor© can do that work for you!
2. When you engage the services of a Realtor©, you receive a trusted advocate who is on your side to negotiate the monthly lease price, as well as ensure that the home is in a great condition upon move-in.
3. Whether you are moving from out-of-state, or out-of-country, having a Realtor© on your side when renting can come in handy for many purposes, including providing video showings if you are unavailable to tour personally. Additionally, your Realtor© can ease the stresses of moving day by providing trusted vendors and assisting with the key handover and walkthrough.
4. Not all landlords are telling the truth about their own financial situation, whether their property is in distress or they plan to sell in the near future. Utilizing a Realtor© can assist you in learning as much information as possible before you sign on the dotted line.
5. When it comes time to fill out your application, often a Realtor© can save you time and effort because of their understanding of various application systems (as more and landlords utilize online processes) as well as potentially save you in application fees when the landlord is reviewing more than one application.
The 8th & Home team is ready to assist with your rental needs! Not every real estate agent is willing to work with rental clients, but we happen to love that process! We assist our rental clients in the same way we work with buyers and welcome the opportunity to serve you and your family.
Ready to begin YOUR search for your new home? Click here to view all rentals currently on the market!