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Portfolio Realty is a premier real estate firm serving Virginia, Maryland and Washington DC. The DC metro area real estate market demands high levels of skill, proficiency and knowledge. Whether you are eager to buy your first home, sell your nest egg, invest or relocate to the area, it is important to protect your investment by working with a local market expert.
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Top 5 Mistakes First-Time Homebuyers Make

Buying a home can be an intimidating experience if you are not well prepared.  Your Realtor® should supply you with the knowledge you need to be comfortable in every situation.  Here are 5 common and costly mistakes that the uninformed buyer make:

  1. Ignoring their Credit Score: Lower score borrowers pay thousands of dollars in increased interest rates over the life of the loan
  2. Spending their money before closing: Lenders continue to check credit scores right up until the time of closing.  They are lending you money that they expect to get back.  Too much shopping could make your lender wary of giving you the loan.
  3. Skipping the inspection: This is probably one of the riskiest moves one can make.  Yes, your contract is stronger without it, but the only time this is necessary is if you are planning to rehab the entire home.  Unexpected expensive repairs can be devastating.
  4. Buying without contingencies: You should always give yourself a way out if something goes wrong with the inspection or financing becomes a problem.
  5. No account for insurance: Homeowners insurance can be pricey for some areas.  Those buyers that don’t budget for it can encounter a rude awakening.

I’m not trying to scare any of you first-time homebuyers out there, but make sure that your Realtor® is educating you throughout the process.  If you find yourself not getting answers to your questions, find another agent.  Working with the right agent can make all the difference.

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