Aug

What To Know Before Buying A Home In DC

Buying

These days, between talk of rising interest rates and low inventory, buying a home might seem like more of a pipe dream than an attainable reality — especially in a market like DC. But at The Jenn Smira Team, our antidote to all the uncertainty is knowledge.

Keep reading for the things you should know before buying a home in DC today!

#1 The Market Is (Always) Competitive: DC real estate is expensive, and transplants to the city often experience initial sticker shock. While the current median sale price for homes in America is $377,000 according to Redfin, the median sale price for Washington, DC is $709,000.

First time home buyers often need to wait longer to embark on their DC housing search — and settle for a smaller space — than they might elsewhere in the country.

#2 Property Disclosures Are Your Friend: If you’re buying a home in DC, home sellers are legally required to provide a complete property disclosure. This informs you, the buyer, of everything you need to know about the home, including important detail like the condition of the roof and the working status of appliances like the dishwasher.

➤ Want to learn more about navigating the buyer’s market in DC?

#3 The Homes Are A Reflection Of The City Itself: DC is one of the oldest cities in the US, so not surprisingly, it has some pretty old homes as well. And as much as we love the character of historic homes, we don’t always love all the baggage that comes along with them.

Some important things to look out for in old homes include:

Foundation issues
Deteriorating roof
Radon gas
Lead paint
Plumbing issues/inefficiencies
Bad electrical wiring

The reality? Older homes need more maintenance than newer homes. This is why it’s important to work with an experienced local buyer agent; they’ll be able to point out the issues with potential homes so that you can make an offer that reflects their current condition.

#4 Renting Out Your Home Isn’t Always So Straightforward: Thinking about buying a property and renting it out? Before you do, you should familiarize yourself with DC’s renting regulations, which could be said to more heavily favor the renter compared to other locales. For instance: You cannot legally charge more than one month’s rent as a security deposit, among (many) other notable factors.

➤ Ready to start your home search? We can help:

#5 There’s No Substitute For Experience: As you can tell, buying a home in a market like DC requires more than meets the eye. Whether it’s finding the right neighborhood to raise your kids, evaluating a home’s investment potential, or deciding how much to spend, it’s more important than ever to find an agent you trust who can help you navigate every potential roadblock with success.