Before buying a home be sure to save for these items!
Downpayment: Many folks think you need 20% down to purchase a home, that is not always the case. There are all types of options including 0% down. Different loan options are available based on your income, credit score, debt to income ratio, etc. The best way to find out what you qualify for and how much down payment you will need is to chat with a mortgage lender. This is the first step (and the most important) in your journey to home ownership.
Closing Cost: This will vary based on the sales price of the home but we typically see closing cost around 2.5% - 3% of the sales price (give or take). If you're curious on the breakdown contact me and I can send you a more detailed summary.
Earnest Money (EMD):Along with the sales contract, the EMD is a buyer's way of showing that they're serious about purchasing the home. The money is held to protect the seller's interest. Typically we see an EMD around 1%-2% of the sales price. This money is credited back to the buyer at closing.
Home & Radon Inspection: Although this is not a requirement I highly recommend that all buyers get a home and radon inspection. This allows you to walk the home with your agent and home inspector to determine that all items are functioning normally (HVAC, washer/dryer, stove, etc) and gives you a chance to learn how your new home operates. Additionally, if there are issues, you can address those with the selling side to determine a solution or if you're going to move forward with the purchase. A home inspection typically cost $350-$550 depending on the size of the home. Radon Inspections run $140-$150. For more info on home inspections, click here. For more info on Radon, click here. You may have additional inspections if the home has a well, septic, pool, etc.
Moving Expenses: The cost can vary. If you have a large home with a lot of "stuff" it can run you thousands of dollars. Across town versus across country can be even more. I recommend getting a few quotes to make sure you are getting a fair price and always make sure they have insurance! If you decide to pay your friends in pizza and beer for helping you move understand that things may break!:)
If you have any questions or would like to set up a home search to see what's out there. Text/Call/Email @ firstname.lastname@example.org or 703-785-8203
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"I'm so thankful for Jason Jordan! I have to say he is patient! And I am determined and stubborn. My fiance and I had a list of standards and requirements for our first home purchase together and I wasn't willing to waiver on any of them. We came close but thankfully our dream house was just around the corner. Jason set up a customized home search for us with our specific requirements on it, which would be sent to us daily, and I would go through them diligently. As soon as we had an official contract on our townhome that we had to sell, I made of list of my top 4 homes I wanted to see. You know what I realized? The house I fell in love with came back on the market! MY DREAM! Now, the other homes were still wonderful and we had yet to see them. Mr Jordan was wonderful and took us through them all so that we could be CERTAIN we felt we were making the best decision. When we walked into our house I knew it was mine! Just felt it in my bones. And it met EVERY SINGLE REQUIREMENT!
Things I like about Jason:
1. He is quick to respond and responds honestly. NO BS.
2. Super helpful and informative especially if you don't know about layouts or terminology. He will walk you right through it. This was my first experience and am glad I had Jason there to walk me through it.
3. Familiarity with Virginia is also a plus. He has been living and working in the area for quite a while and is familiar with it. So he can help guide you to the neighborhoods that give you that home feeling that is right for you!
4. Did I mention that if you are selling a home he puts on one hell of an open house?
Trust me, he's great and I'm in the home of my dreams. I know what I'm talking about!"