In our last blog post, we shared how you can save money when buying a home in Metro DC— including tips on getting a low down payment and browsing foreclosures, auctions, and short sales. But there are more ways to make your dollar stretch even further when buying homes in the DMV and we’re sharing a few of them below!
Expand Your Search Radius
The DMV is known for being one of the nation’s most expensive real estate markets and because of that, you may find that you get more for your dollar by expanding your search radius. For instance, if you wanted to live in a particular neighborhood in Washington, DC, you may find that met with higher home prices due to a hotter market. However, searching a little outside of your target area might open up your options and help you find a home you love.
Consider Your Wants Vs. Needs
Is hardwood flooring a want or a need? Could you do with an older kitchen for now and renovate it later? Make a list of your wants vs. needs and keep in mind that it’s better to spend your money on location and square footage as those are two things you won’t be able to change later. Don’t get too caught up in cosmetic features as you begin your home search.
Plan the Best Timing
If you’re headed into the spring real estate market ready to purchase and be settled by summer or plan to start your search now and buy in the summer, you will soon find out that other buyers have those same ideas. During these “busy” months of the real estate market, you will likely be competing with multiple offers and need to pay a higher price to come out the winner. However, if you can delay your purchase until later in the summer or even fall and winter, you may be able to land a lower price on a DC area home.
Think About Transportation
Have you noticed that the closer you live to a Metro station in DC, the higher the home prices are? If you need to use the Metro on a daily basis, think about how far you’re willing to walk to commute or if alternate transportation like a carpool or bus could work. If you don’t need to be close to the Metro, more options will become available to you.
We love to help our clients find the best homes at the best prices in Washington DC, Bethesda, Chevy Chase, and Northern Virginia. Give us a call to discuss what you’re looking for and how we can help you find the perfect place for your budget this year.