This week’s Q&A column is written by Rebecca McCullough of McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact Rebecca at 571-384-0941 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: What should I be thinking about when buying a home?
Answer: I have had the wonderful opportunity to buy and sell 12 personal properties in the past 30 years. I bought my first house on my own early in my career. Since then, my husband and I have bought 11 more, including 3 houses we flipped and one vacation property. Here are the key lessons I’ve learned as a buyer and a buyer’s agent.
1. Establish your must-haves. Write down all the things you want in a property. Location, commute, schools, size, number of bedrooms and bathrooms. What kind of outside space are you looking for? Quiet with lots of privacy, or in a community with amenities? Once you’ve determined these, then prioritize your list. It’s highly unlikely you will get all, so it’s really important to know what can and cannot be sacrificed.
2. Be patient. It can take a while to find the right house. Attend open houses, go on showings, use an agent, talk to your co-purchaser about things you like and don’t. If you are fortunate enough to have an experienced agent, they may have some good insights about the homes, and even see beyond what you might be thinking. They will likely have recommended contractors and can help fix some simple issues.
In this market, you may also lose out in a competition with multiple offers. This can be devastating, and it can happen repeatedly. But please have faith. Truly, there is always another house, and in my experience, it’s ultimately the one the buyer was meant to have.
3. Be honest with yourself and others. Don’t try to make your partner, your mother, father, friend or agent happy. The worst thing anyone wants to hear after you moved in is, “I wish I had spoken up.” One common scenario is parents helping their children buy. It’s can be difficult to speak up to your parents if they are helping you financially. Having a Realtor can be really helpful in this situation. They can be a mediator who can diplomatically say the things that need to be said.
4. Be realistic. This may be one of the hardest ones. If you have 5 kids, don’t pretend you can make the 3-bedroom house work, because you love how it looks! Truly imagine yourself living in the property. Does is work your needs? Imagine cooking in the kitchen, letting the dog out. Where can everyone work if needed? Can you entertain? Does it need too much updating? What’s the condition of the windows, roof and chimneys? Fresh paint and great staging can make you look past the bones — don’t let it.
5. Be ready. Call a lender, find an agent. Both can save so much time and money. Ask friends for referrals. Go to open houses and find an agent who understands the area you want to buy in and with whom you feel you have good chemistry. Most agents have excellent lenders they can refer.
A lender can make or break a transaction. Big banks are typically open Monday through Friday, 9 a.m. to 5 p.m. During a real estate transaction, they need to be available almost 24/7, just like your agent. Things move fast, deals get competitive, timing can be everything.
6. Be money wise. No one enjoys being “house poor.” I’ve experienced it all. It’s a lot more fun to enjoy your life without the undue pressure of a too-large mortgage. Be honest with yourself about your lifestyle and work out a realistic budget. Don’t count on a raise. Buy what you can afford now, and breathe easy if your circumstances improve.
7. Have a vision! If the home is not aesthetically ideal for you, this is still an opportunity. If you can’t see it, find a friend or agent who can see beyond floral wallpaper. Many buyers don’t want to do the work, and you can find some great deals in less visually appealing homes.
Carpets, faucets, lighting, mirrors, paint can make a huge difference. Make the house of your dreams over time if you can’t find one you love. Already “improved”? Make sure the work is done well. Renovations can sometimes be very cosmetic. Do NOT forego a home inspection!
8. Research the location. I don’t just mean the street address. What do the neighbors’ yards look like? Hang out for a while during rush hour, when school gets out, weekends. Talk to neighbors if you can. Is there an HOA? Review the documents! Want to park an RV in the driveway? Make sure you can. Have a passion for purple and want to paint the front door? Make sure you can. Is it under a flight path, near a train station? Is the area changing? Are there plans for community changes? Do your homework. Google, make calls, check crime rates, flood maps and permit records. Your perfect home may have other issues besides its structure.
9. Trust your gut. I asked a recent client the best advice she got from someone before she bought. Her answer: “If it doesn’t feel right, you don’t love it, and can’t picture yourself living there every day, it’s not the right house.” Resist the urge to “make it work.” It likely never will. There will be a property out there that works better. It can be very expensive making the wrong decision. Kind of like thinking a spouse will change after you’re married! Be patient and find the right one.
10. Finally, relax. After you’ve found your house, ratified the contract, gone to settlement, and moved in, sit back and enjoy your new home. It all doesn’t need to be perfect right away. Live in it before making big purchases. See how you end up using the spaces. Don’t rush paint colors. Take your time and settle in.
Buying a house is a big decision, whether it’s your first time or your tenth. I’ve learned many lessons personally and professionally, buying houses over 30 years. I’ve been a victim, a champion, ignorant and innocent, smart and savvy — and downright lucky.
I wish you much success in your home purchasing journey, and hopefully with good preparation, a good agent, and a little luck, you will find your dream home. Happy hunting!
Rebecca McCullough has built a successful real estate business in Alexandria and Northern Virginia by providing excellent service to her clients. If you would like more information on selling or buying in today’s complex market, contact Rebecca today at 571-384-0941 or visit her website RebeccaMcCullough.com.
If you would like a question answered in our weekly column or to set up an appointment with one of our Associates, please email: [email protected] or call 703-549-9292.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria
