CONFESSIONS OF A FIRST TIME HOMEBUYER: KAY
By: Ati Williams
Check out what one of our first time homebuyers, Kay, had to say about his experience with DC Home Buzz. Kay will be joining our First Time Homebuyer Workshop on Wednesday February 24th to share his experience buying his first home. Click here to register for the workshop. Thanks for your contribution, Kay, and congratulations on your new home!
What was the moment you decided to find a new place?
We decided to buy a home in DC after grad school once the opportunity presented itself financially
Why did you choose to live in the neighborhood you chose?
We chose to relocate east of the river because its certainly more affordable and you get more bang for your buck now and the very likely possibility to see an increase in property value. I also chose to buy east of the river because at my price point I could check off more items on my want/wish list as opposed to buying a small condo in an already established part of the city.
What were some of the complications you encountered during your home search?
Working with Alex and his team was a breeze. The most complicated part was paying off parking tickets other than that, I’d say getting rid of blemishes on my credit score from my college/younger days was the most challenging part.
How did the DC Home Buzz team help you to overcome those complications?
The team from DC Home Buzz helped to ensure that we were getting the right information and kept an open and clear line of communication between us and First Home Mortgage. In our experience this was invaluable because we are all on the same page from pre-approval to closing. This is absolutely important especially when you consider the competitive nature of buying real estate in DC. Its imperative to get your ducks in a row to avoid any delay in the process once you find a property you like or want to place an offer on.
What did you pay for your house? How much was your down payment and what type of loan did you use?
We paid $185k for our home – which is an end unit row house. The down payment was 3% and it was covered by DC Open Doors which locked us into an FHA loan with a fixed interest rate.
Did you purchase a fixer upper? Do you plan to do any renovations?
Yes, most of the work we intend to take on are cosmetic upgrades and fine tuning the house to our taste. We were able to move in the day after we closed, which was also in our top 5 want/wishlist.
Did you find our first time homebuyers workshop helpful? Why?
Absolutely, it helped us in a variety of ways – as a momentum boost and prep course. It was informative and also made taking the first step less daunting.
Anything you wish you knew before you started the process?No, I had started the house buying process before coming to DC Home Buzz so I kind of knew what to expect but there are quite a few moving parts to buying a house and while the process can be competitive and seem fast-paced, some patience is required during the negotiating process.
Any tips or tricks for homebuyers looking to buy soon?
The biggest thing for us was trying to determine if we wanted a house we could grow into or something we’d turn into an investment property in the future. We opted for the later and proceeded to find something that fits what we wanted. The best advice is to make sure you know what you want, have some patience and don’t be afraid to go out of your comfort zone. and lastly ask questions – even if you think you know the answer because is imperative that know what you are getting into before signing your name to a 15 or 30 year commitment.