Buying your first home is a huge decision that shouldn't be taken lightly. It doesn't have to be scary, though. Whether buying a home in Northern Virginia, South Carolina, Washington DC or anywhere across the country, there are a few tips for first time home buyers that you should be aware of.

Budget - Go through all your bills, your monthly income and what you spend on rent, car payments, credit card debt as well as entertainment and food and living expenses to find out how much you can comfortably afford in a monthly mortgage payment on your new Northern Virginia/South Carolina home. The best way to get an accurate view of what your expenses truly are is to keep a notebook handy to write down everything you spend (daily coffee runs, lunches on-the-go, gassing up the cars, buying a pack of gum, paying the car payment, etc) on a daily basis. After a month, you will have an accurate view of where you stand financially.

Recommendations - Ask friends, co-workers and family members if they can recommend a good REALTOR®. Check out references of those real estate professionals you are considering working with. Interview as many as you want before deciding on which one to utilize. It is important that your REALTOR® is knowledgeable and makes you feel comfortable.

Do Your Homework - Check out the Northern Virginia/South Carolina area you would like to settle in. If you currently have a family or wish to start one eventually, look into the schools in the neighborhoods you like. Find out what homes are going for in those areas so you know what kind of a sale price you can expect.

Credit Scores - Before you get your heart set on any specific Northern Virginia or South Carolina home, do a credit check. You are legally entitled to one free report per year from Experian, TransUnion and Equifax. Since each agency uses a different algorithm to determine what your credit score is, you will need to go through each report thoroughly to look for errors. Report each error to the corresponding credit agency. You want your credit clean so that you can get the best possible interest rate on your mortgage loan.

Decide on Needs/Wants - Take a moment to sit down and determine exactly what you are looking for in your Northern Virginia/South Carolina home. Do you want a big house on a large lot or is a condo more your speed? Do you want three bedrooms or four? Will a two-car garage work or do you really need three? Deciding on what you absolutely cannot live without will help keep you focused.

Downpayment and Closing Costs - Many experts suggest that you have a downpayment of at least 20% when purchasing a Northern Virginia/South Carolina home. However, there are still several programs in effect that will allow for less than that. Good credit is always a great idea. In addition to your downpayment, you will need to have money for the home inspection and closing costs (loan origination fees, title insurances, etc). A home inspection will typically cost around $200-$300. Closing costs vary. Please make sure to discuss this with your real estate professional.

Congratulations on deciding to purchase your first Northern Virginia home. It's an exciting time in your life and can be nerve-wracking. But, having the right people on your side will make the process less stressful. Follow these tips for first time home buyers and you will avoid unnecessary surprises. And, always consult with your REALTOR®, accountant, lawyer, etc. if you have any questions.

Gene Mock, your Northern Virginia, South Carolina and Washington DC real estate specialist