Buying a house in North Virginia is an exciting milestone. But, without knowledge of real estate transactions and current market conditions, this can be a very difficult and frustrating process – especially for first-time homebuyers.
It is important that you do your own research about the homebuying process in general as well as the specific steps involved in buying a house in Northern Virginia. There are numerous online resources available on buying a house in Virginia that will help give you an idea about what to expect given the real estate market conditions of the region.
To get you started, this article enumerates the best places to search for your next home in North VA, the steps involved in the homebuying process, and important things to remember to ensure that your real estate transaction goes smoothly.
Best Place to Buy a House in North Virginia
There’s no single best place to buy a house in North Virginia; several areas within this region offer beautiful homes and wonderful communities to live in. Below, we’ve enumerated some of our favorite cities.
Chester, VA is a master-planned city that offers a diverse selection of house architectural designs, including Colonial, Transitional, Ranch, and Craftsman styles.
Chesterfield subdivisions offer a wide range of residential real estate options for buyers, from affordable starter homes to mid-range single-family homes, apartments, multi-family residences, and luxury homes.
Housing selections in Midlothian consist of historic homes and sophisticated suburban developments, including single-family homes, townhouses, condominiums, and apartments.
In North Chesterfield, most of the houses were built between the 1950s to early 1980s and feature several architectural styles, such as Contemporary, Cape Cod, and Colonial two-story houses.
The Process of Buying a Home in North Virginia
Here’s a concise guide on the homebuying process in North Virginia to help prepare you for your upcoming real estate transaction. But while it’s good to do your own research, it’s much better to have a trustworthy and reliable realtor by your side to ensure that you get the best deal out of your home purchase.
Before searching for your dream home, determine a realistic budget. Online tools like the one from NerdWallet.com can help you to calculate how much mortgage you can afford.
Putting a minimum of 20% down payment will enable you to avoid paying Private Mortgage Insurance (PMI). This will make your loan costs lower and attract a better interest rate. Also factor in closing costs, which usually amount to around 2% of the home purchase price, as these fees are to be paid at closing.
Considering the vast array of home types available in Northern Virginia, focusing on your property needs and goals will make it easier for you and your real estate agent to find the perfect home.
Pre-approval shows that you have the financial resources to back your offer. So, seek pre-approval as soon as you have selected a lender.
Once you have found the property you’d like to buy, your realtor will help you determine how much to offer and which contingencies to include, if there are any. Here’s what a traditional offer package for a Northern Virginia home would typically include:
- Residential Sales Contract
- Appraisal Contingency Addendum
- Home inspection report, including a radon testing contingency
- Buyer’s finance pre-approval letter
- An earnest deposit (a personal check for 1% of the property price)
Once you and the seller come to an agreement, the contract of sale will become ratified, and you will enter escrow. This typically takes between 30 and 45 days from ratification to closing.
A home inspection will allow you to check for any defects on the property and request the seller to cover the necessary repairs.
Pre-settlement property access law in Virginia allows buyers to schedule multiple inspection walkthroughs during the last seven days prior to closing. This enables you to ensure that the property is in the condition that you and the seller have agreed upon.
During the settlement or closing, all parties will be signing the final documents and the keys to your new home will be given to you. Make sure to bring your ID and a certified or cashier’s check to pay the balance of the down payment, plus any additional closing costs.
Things to Consider Before Buying a Home
Here are other factors to consider when buying a home in Northern Virginia.
Check how long it will take to commute from the house you’re interested in buying to your work location to see if living in that neighborhood would be feasible for you.
If you’re interested in buying a condo or an upscale residential property, you will need to factor Homeowners’ Association (HOA) and/or condominium fees into your monthly payments. These fees are charged to homeowners to help with maintenance, upkeep, and improvement costs.
If you don’t have a car and commuting via public transportation would be your most frequent means of transportation, this is something you’ll need to factor in when choosing a house.
Key Tips to Follow While Buying a Home in North Virginia
Now that you have an idea what the steps are in the real estate purchase process, here are a few more things that can help ensure you make the right decisions for buying your NoVA home.
The moment you find the property you feel is the right one for you, don’t draft an offer just yet. Call your realtor and ask them about the neighborhood – does it have the amenities you need, is it a safe place to live in, will it be a good investment?
You’ll also want to ask yourself these questions:
- Does the home fit into your financial plan?
- Will buying this property satisfy most, if not all, of your “needs” and “wants”?
- Can you visualize yourself living happily in this house?
- Have you taken the time to check other properties?
If you answer “Yes” to all these questions, then that’s a good indication that this home might actually be the perfect option for you!
When you’ve decided to buy the house, here are the steps on making an offer:
- Decide how much to offer the seller
- Decide on contingencies
- Decide on the amount of earnest money to offer
- Write a house offer letter
- Negotiate with the seller the price and terms of sale
Being a first-time homebuyer can be very confusing and overwhelming. Here are a few things you need to take note of and avoid when purchasing a house:
- Making an emotional decision.
- Searching for a home on your own.
- Working exclusively with the listing agent.
- Not saving enough money.
- Not getting pre-approved.
Frequently Asked Questions
You will need to have a trustworthy real estate professional who will ensure that you get the best deal from your home purchase.
It is important to know the current state of the housing market and ways to get your closing costs down.
Looking for the perfect house and finally calling it your home can be less challenging with some help from a real estate professional like me. Let me assist you in finding your dream home and negotiating for the best deal for you. Why don’t you give me a call today at 804-480-4673 or email me at firstname.lastname@example.org so we can start planning!