We’ve all heard the old adage “location, location, location”. But what does that really mean when you’re looking to buy a home? Generally the phrase means “The 3 most important things in determining the value of Real Estate is location, location, location.” There is debate on when and who coined the popular term first, and you can read an interesting article on the subject in the New York Times written by William Safire.
For our discussion today though, we are going to look a little deeper than just value.
LOCATION – PHYSICAL
The type of lifestyle you and your family enjoy is a key component on where to buy a home. Do you like a more Urban setting where shops, restaurants and amenities are close by? Maybe even within walking distance? Or would your family prefer a more tranquil Rural setting with a little more privacy? The “stage” your family is in plays a large part in this decision. Younger couples, and singles just starting out tend to want a more urban/city location. Couples that are ready to start a family might want a more suburban/neighborhood kind of feel to raise their children. Before finalizing your decision on location, it’s a very good idea to take a look around the areas in the daytime and at night. This will give the buyer a more comprehensive idea of the neighborhoods they are considering.
LOCATION – PERSONAL
Where are your family and friends located? Is it important for you to be close to grandma? Or are you looking for that happy balance between close enough to visit, but not right next door.
LOCATION – WORK
Commuting to your work place is another major factor, especially in our area! Northern Virginia is a growing, busy place to live. Some people are more tolerant of a longer commute than others. Do you want to be within walking distance of public transportation? We have an extensive public transportation system that includes bus services, metro, VRE, carpools, commuter buses, and more. These options can help with commuting to work. Most people still like to drive themselves to work, so knowing how long your commute will be is useful information when deciding on the location of where to buy a home.
LOCATION – SCHOOL DISTRICT
Families with school age children will want to consider school districts. Although our area has very strong school systems, the curriculum, teaching methods, and educational options available to the students can vary greatly. Buyers should definitely factor in the educational needs of their children and compare the different school options before deciding on where to buy.
A little prior planning and research can help a buyer make the process of finding a home a lot easier if you narrow down your location early on. Then you can really focus in on your desired neighborhoods and find the right home for you!
Download our List of Useful Websites to use for research on schools, amenities, transportation, safety, etc. Please keep in mind that although our list doesn’t encompass every site out there, it’s a great place to start!
THE most important tip to buying your first home is to find an experienced Realtor and have an initial consultation. Your Realtor will lay out the entire buying process and give you an idea of what to expect, along with a timeline of the events leading up to you closing on your home. In today’s ever changing market place, being represented by a strong Realtor is paramount. New lending laws, called 
-What type of home are you looking for?
a certain amount and being comfortable with the payments at that amount can sometimes be different. Say you buy a house worth X amount of dollars, then the down payment and closing costs will be X, and the PITI (principal, interest, taxes, insurance) plus HOA/Condo fees will be X. Once you are comfortable with those amounts, you will have less anxiety looking at homes in your price range. Another reason to get pre-approved is to find out what type of loan you will be using. The type of loan – whether it’s conventional, VA, FHA, or some other program, could make a difference in your home purchase. For example, some condos are not FHA certified, meaning they would not qualify for a FHA loan. This would be important to know before you got your heart set on a condo only to find out you cannot purchase it with your preferred loan program.
Setting out to tour luxury homes can be a fun way to spend an afternoon, and a great way to get design ideas! But don’t set yourself up to be disappointed when you fall in love with a home who’s price is double (or more!) what you have been pre-qualified for. Know your price range, and stick to viewing homes within that budget. You can always incorporate some of those design elements you admire and give your new home that luxury feel.
Pay close attention to your home inspector at the