Congratulations on the purchase of your new home! I am sure you will be very happy there.
I know that you have been very concerned about this investment. How could you not be? Each day when you turn on the television or read a newspaper or magazine, you are bombarded with negative information about the real estate market.
Let me assure you that your choice to invest in this property was a good one for your personal situation. You were thorough and realistic in your search for the correct mortgage product for your family. You took in to account how long you plan to be in the property and how much you can afford while still maintaining reserves. You thought about how the house would work for you if you have to stay in it longer than you expect. In short, you did not buy more than you can afford or less than you need.
As you are aware, there is a possibility that prices in the neighborhood may still go down. Because you are not planning to 'flip' the property, and because you are planning to stay in the house for 5 to 7 years, you should not worry about this needlessly. Remember, you are no longer paying someone else's mortgage with your rent money. You are not only paying off your own house a little bit each month, but you have a great place to live and can now deduct the monthly interest on your taxes.
My advice to you woudl be to make sure you don't spend the equity in your home by refinancing for things that you don't really need (this was a big cause of the problems we are currently seeing in the market). For a while, people were thinking of real estate as a short-term investment and a ready source of cash. If you look at it more realistically as a longer-term investment, you will not find the fluctuations in the market so stressful.
Looking ahead to the day you decide to sell, be sure to diligently maintain your house in good condition and make updates to the property that keep it equivalent to other properties in your neighborhood. A well maintained, well priced home will generally bring a fair price.
Again, I thank you for the opportunity to work with you and I wish much happiness and success in your new home.
All the best,
If you like what you've read, please consider subscribing to my blog by clicking on the Orange RSS button and following the instructions. Thanks!
A GREAT Real Estate experience.
If I can help you, your friends or family buy or sell their next home in Northern Virginia, please let me know!
If you need help with a home outside of Northern Virginia, I have an extensive network of referral agents and will make sure you are working with the best!
The contents of this blog may not be copied or reproduced without the permission of Holly Weatherwax.