DC METRO REAL ESTATE

Serving the Real Estate needs of the communities of Manassas, Bristow, Haymarket, Warrenton, Gainesville and Culpeper  in Northern Virginia


Dave Scardina  
Broker / Owner

703-829-SOLD

866-909-0900

Haymarket Real Estate Sales

Haymarket Home Improvement


Don't change the general architecture of the home, and make sure that renovations match. For example, a modern steel door doesn't belong on a ranch house built in the 1970s. Be aware of the features in Haymarket.

Do it Yourself?
Be extremely confident you're capable of taking on a project before trying to do it yourself. When it comes time to sell your Haymarket home, believe me buyers can and do spot all the signs of amateur work and they discount their offer accordingly.


Haymarket Real Estate Cycles


One problem with attempting to time your purchase to the business cycle is that even experts have problems accurately predicting the future economy. Even when they can, the Haymarket market does not necessarily move in tandem with the stock market or the economy as a whole. Haymarket is a unique situation.

When the economy is doing well, interest rates are generally higher. The result is that fewer people can afford houses, and Haymarket is no exception. When the economy slows down, interest rates fall, the "affordability index" moves up and more people can afford houses. The Haymarket market will take the lead.


Buying a Haymarket Fixer-Upper


This, of course, depends on the condition of the Haymarket home and the estimated cost of the repairs you must make. Haymarket real estate in a good neighborhood that is priced about 25% lower than others that are in good shape may be a good deal if it simply needs cosmetic or minor structural repairs. If the house is a gut job, that is the entire inside will be torn out and rebuilt the 25% rule may work and may not so estimate your costs as closely as possible.

Shopping by neighborhood makes good sense when considering the purchase of a fixer upper. As a buyer, the more you know about the Haymarket homes in a particular area the better able you are when it comes time to judge whether or not a home your are considering meets the financial parameters you are looking for.


Buying Haymarket Below Market


On most real estate Websites you can enter the parameters you want for your Haymarket. Include the price, size, features and location and the technology will notify you automatically the moment a property that meets your needs comes on the market. Now if what you are looking for is a particular type of property for a price that is significantly under market, youd better be prepared to act quickly because you arent the only one whos looking for a bargain.

Often times, when a home comes on the market priced under the market there are extenuating circumstances. Maybe the house needs maintenance. Maybe the yard needs work. If you are prepared with a certain amount of knowledge about the costs of roofing, painting, landscaping and other types of deferred maintenance, you will be in a position to evaluate whether or not the Haymarket is priced well enough that it truly is a bargain and not a fixer-upper nightmare.


Buying Haymarket Real Estate...Will it Pay?


With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build equity in your Haymarket faster by choosing a 15-year loan instead of a 30-year loan.

As a Haymarket real estate owner you have the right to pay more towards the principle loan amount each month. Lets say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in home equity, you gain $3,600.00. Investing in Haymarket can be a very good idea.


Haymarket DEDUCTIONS


One of the advantages of home ownership is that while most other types of interest are not tax deductible, the interest you pay on your Haymarket loan is deductible on your Federal and State income tax. This fact alone gives homeowners a distinct advantage over renters.